Germany could be forced to import energy from Britain within years, according to new research, as the UK’s shift to green power takes off.
Energy generated from offshore wind farms could soon be exported to continental Europe as energy prices are forecast to rise, especially in Germany, according to S&P Global Platts.
The UK energy market is set to become “structurally longer, while the whole of western Europe is moving in another direction” said Sabrina Kernbichler, its European power analyst.
The UK imports about 7pc of its energy from the continent but that trend is set to be reversed as countries such as Germany shut down their coal and nuclear power plants.
Germany plans to close all of its nuclear plants by next year. They accounted for almost 30pc of its generation in 2000, but this had fallen to 11.4pc by last year.
The UK plans to cut its greenhouse gas emissions to “net zero” by 2050, and importing supplies of low-carbon electricity from countries like France, Norway and Denmark is part of that plan.
Faced with demand for power doubling by 2050, Britain aims to generate 40 gigawatts from offshore wind farms by 2030.
The shift will also be helped by a series of new interconnector cables linking the UK to continental Europe. The cables will increase the UK’s capacity to Europe to 18 gigawatts of energy by 2030, up from 8 gigawatts.
However, Britain is unlikely to remain an energy exporter for long, analysts have warned, as the increased electrification of energy use will drive up energy prices in the UK.
Separately, Swedish wind developer OX2 AB plans to raise 3.3bn kronor (£282m) in a float aimed at funding the expansion of its sea wind park and solar panel businesses.
The company plans to float on the Nasdaq First North Premier Growth Market in the coming months, according to Bloomberg. https://www.telegraph.co.uk/business/2021/06/03/germany-could-forced-import-energy-britain-within-five-years/
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