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The Energy Transition Readiness Index 2021 report examines energy markets in 12 European countries and assesses their readiness to promote the uptake of renewable electricity to achieve 2030 carbon reduction targets. The report has been prepared by the UKs Association for Renewable Energy and Clean Technology (REA), and sponsored by global power management company, Eaton.
The report provides new analysis of what countries around Europe have already done, and what they still need to do, and it refers particularly to the importance of attracting private investment into the flexibility assets and grid services. It is this investment that will assist national governments in the push towards a net-zero future. The countries assessed, listed alphabetically are: Denmark, France, Finland, Germany, Italy, Ireland, the Netherlands, Norway, Spain, Sweden, Switzerland and the UK.
Success in reducing carbon emissions across Europe will depend on the readiness of all countries both within and outside the EU to embrace the potential of flexibility assets to help ease the integration of renewables as fossil fuel generation is wound down. High volumes of new flexibility resources will be needed, especially in the major European economies of France, Germany, Italy, Spain and the UK, if 2030 decarbonization targets are to be met, and markets will need reform to attract private investment in energy flexibility assets. The assets envisaged include intelligently managed EV chargers, battery and thermal energy storage as well as grid-interactive data centers.
A key aspect of the ETRI 2021 assessment focused on the extent to which countries have adopted policies that will encourage private investors to commit funding to flexibility assets and technologies. The report concluded that there is a mismatch between ambition and action in most countries, with larger economies faring worst. It is considered that major European economies face greater challenges because they present barriers to investment in the form of rules and policies that are generally more complex, exacerbated by market design that is strongly influenced by incumbents.
Read the executive summary and the full report at https://www.eaton.com/etri