Impacts of large-scale deployment of vertical bifacial photovoltaics on European electricity market dynamics

Self-sufficiency, climate change and increasing geopolitical risks have driven energy policies to make renewable energy sources dominant in the power production portfolios. The initial boom in the mid-2000s of global photo- voltaic installations demonstrated the feasibility of the ambitious renewable energy targets. However, this rapid scale-up has introduced challenges, including price volatility and system integration issues. This communication calls the attention to these emerging challenges and offers quantitative insights on how rapid adoption of a more diversified photovoltaics deploy- ment strategies can mitigate price volatilities, reduce fossil fuel dependence and steer Europe towards a forward-thinking sustainable energy pathway. The analysis reveals that as innovative bifacial photovoltaic systems are incorpo- rated on a large-scale disruptive scenario, four main patterns emerge: eco- nomic value of solar production increases, base-load electricity price decreases, sun-rich countries expand their solar contributions, whereas nations with ample grid interconnections enhance their energy imports from neighbouring countries. It also underscores the importance of maintaining photovoltaics an attractive option for energy investors and traders in the future. Establishing this groundwork is critical since a successful integration of large-scale solar systems contributing to decrease price volatilities in Europe and US will carry significant repercussions for global energy policy formulation.

SZABO Laszlo;  MONER GIRONA Magda;  JAEGER-WALDAU Arnulf;  KOUGIAS Ioannis;  MEZOSI Andras;  FAHL Fernando;  SZABO Sandor; 

2024-09-05

NATURE PORTFOLIO

JRC135380

2041-1723 (online),   

https://www.nature.com/articles/s41467-024-50762-7#citeas,    https://publications.jrc.ec.europa.eu/repository/handle/JRC135380,   

10.1038/s41467-024-50762-7 (online),