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Electrification of Transport will Drive New Investment in Renewable Energy, Forecast to be €5.90 Billion during 2015–2030
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Norway is already almost entirely powered by renewable energy, with hydro traditionally dominating. The investment of €5.90 billion in a combination of wind, hydro, and other renewable energy will boost the share of RES in the electricity generation mix to 99% by 2030. Increasing interconnections will lead to greater integration of Nordpool (The Nordic electricity market) with the Baltic states and the wider EU electricity market. This will improve the resilience of the European market and boost renewable energy. Frost & Sullivan projects that with surplus renewable energy sources (RES), Norway could become Europe’s Green Battery. Norwegian natural gas will play an important supply role as an alternative to coal, reducing CO2 emissions in Europe.
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