Solar Power Boom Is Spreading to the Nordic Region

(Bloomberg) --

Investors and utilities will add more solar panels than onshore wind in the Nordic region later this decade as prices keep dropping.

The shift, expected by 2027 according to analysis by StormGeo Nena Analysis in Oslo, will be made possible as prices for utility-scale solar fall below onshore and offshore wind. The region is already at the forefront of the green energy revolution, with hydropower and wind turbines meeting a significant share of demand.

Extra generation is crucial. Electricity demand is poised to jump 35% in the next 25 years as everything from transport to factories electrify to meet climate goals, Nena said. But supply is still expected to outgrow consumption by more than 10% by the end of the decade, enabling more exports to northwest Europe.

“A large build-out of interconnectors, high prices in bordering markets and a strong growth in electricity consumption allow for massive investments in wind and solar power production,” Nena said.

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