Published: 06 October 2021 06 October 2021
The ‘Front-Loading Net Zero’ report, issued by Wärtsilä, states that electricity production costs could be reduced by up to 50% by 2050 if countries and states adopt 100% renewable systems faster than currently planned.
Significant cost reductions can be achieved by front-loading the deployment of renewables, mainly wind and solar photovoltaic, and by utilising the technologies needed to balance their inherent intermittency, such as energy storage and thermal balancing power plants. The report indicates that carbon neutral systems can provide cheaper electricity compared to current fossil fuel-based systems. The report models Germany, India, and California, three markets with vastly different socio-economic dynamics, energy systems, and challenges, demonstrating the cost-optimal path towards 100% renewable power systems in each region. The report reveals that by accelerating 100% renewable power systems, substantial benefits are unlocked:
In addition to the deep dive models, the report's chapters focusing on Australia, Chile and the UK’s energy transitions underline that the technologies needed to achieve 100% renewable power systems are already available at scale around the world.
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