(IN BRIEF) The power sector is undergoing a vital transformation to meet climate goals by shifting towards carbon-free electricity production. The European Bank for Reconstruction and Development (EBRD) is actively contributing to this transition through its Renewable Energy Programme, particularly by supporting competitive renewable energy auctions (RE auctions) in 15 countries. These auctions have facilitated over 1,500 MW of renewable energy capacity in several nations, with plans for an additional 5,000 MW in countries like Azerbaijan, Bulgaria, Moldova, Montenegro, and Romania. Recently, the EBRD successfully oversaw an innovative project combining 200 MW of wind capacity with a 100 MW/100 MWh battery energy storage system in Uzbekistan. Beyond auctions, the EBRD works to enhance the regulatory framework, enabling future auctions and sustainability projects, thereby attracting investments for a sustainable energy future.
(PRESS RELEASE) LONDON, December 1, 2023 — /EuropaWire/ — The electric power sector is evolving and replacing it with one that is indispensable.
There is a broad consensus that, in order to meet climate goals, we want to electrify as much of the economy as possible, while ensuring that the production of this electricity is carbon-free. This means providing the world with more and more electrical energy. Energy: By mid-century, we’ll probably want at least three times as much energy as we consume today. And that means making a gigantic investment in new wind and solar capacity.
In other words, in the next 25 years, we will want to move from an electric power sector that has been (and still is) incredibly dependent on fossil fuels to one in which there are no (unforgiving) fossil fuels.
This is not just change; this is a transformation.
Fortunately, this transformation is already underway and the EBRD is about to implement it. We accomplish this through our monetary and political work. The EBRD’s renewable energy programme is a key component of this, where we, the policymakers, design and enforce competitive bidding processes for renewable energy, what we call renewable energy auctions.
Lately we are operating in 15 countries and have already directly supported auctions of more than 1,500 MW of capacity in Albania, Egypt, Kazakhstan, Serbia and Uzbekistan. And there’s much more to come: we have another 5,000 MW in the pipeline in those countries. and others such as Azerbaijan, Bulgaria, Moldova, Montenegro and Romania. The most recent example of our case is the opening of bids the week leading up to COP28 in Uzbekistan, which offers a very competitive value for a state-of-the-art order that combines two hundred MW of wind capacity with a 100 MW/100 MWh battery-powered garage system. In total, in 2023, we saw 3 of our auctions triumph at the bidder variety level for a total capacity of approximately 1,000 MW. In addition to the auction in Uzbekistan, this includes the first onshore wind auction in Albania and the first renewable energy auction in Serbia.
But our work goes beyond just auctions. While these competitive processes help to mobilise private sector financing, they are nothing without the supporting regulatory framework. We encourage and help authorities to develop the necessary regulatory reforms so that future auctions, as well as projects using other structures, such as corporate power purchase agreements, can be implemented effectively.
This is the most important component of our work. There is no shortage of capital to pursue sustainable investments; What’s missing is the pipeline of projects and the enabling situations that unlock investment. And that’s where we direct our support.
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SOURCE: EBRD
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