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Despite the COVID-19 pandemic, European demand for renewable energy recorded by Guarantees of Origin (GOs) remained strong in the first half of 2020, reaching a record 530 TWh
, according to statistics released by ECOHZ Norway.
Demand for the full year 2019 was 621 TWh, and the full-year figure is likely to exceed that figure, even if traditionally, trading volumes may decline
in the second half of the year.
"Most of the continued growth is still likely to come from growing conglomerates
that make extensive use of energy in international markets," ECOHZ said.
”
According to statistics, the annual growth rate (CAGR) of demand between 2012 and 2020 was 16%.
Last year, GOs' demand for renewable energy exceeded 600 TWh
for the first time.
The market surplus also shrank significantly, with the difference between supply and demand being only 46 TWh, down from 85 TWh in 2018 and 60 TWh
in 2017.
According to ECOHZ, this balance is improving and we may see prices start to rise
again.
Hydropower remained the main source of supply last year, but its share fell to 61%
from 64% in 2018.
Wind power grew from 19% to 23%, and solar power reached 5%.
"In 2020, the supply side will continue to grow in most national markets and in all renewable technologies," ECOHZ said, adding that wind and solar have doubled, hydropower is also growing and still dominates the market supply
.
Despite the COVID-19 pandemic, European demand for renewable energy recorded by Guarantees of Origin (GOs) remained strong in the first half of 2020, reaching a record 530 TWh
, according to statistics released by ECOHZ Norway.
Demand for the full year 2019 was 621 TWh, and the full-year figure is likely to exceed that figure, even if traditionally, trading volumes may decline
in the second half of the year.
"Most of the continued growth is still likely to come from growing conglomerates
that make extensive use of energy in international markets," ECOHZ said.
”
According to statistics, the annual growth rate (CAGR) of demand between 2012 and 2020 was 16%.
Last year, GOs' demand for renewable energy exceeded 600 TWh
for the first time.
The market surplus also shrank significantly, with the difference between supply and demand being only 46 TWh, down from 85 TWh in 2018 and 60 TWh
in 2017.
According to ECOHZ, this balance is improving and we may see prices start to rise
again.
Hydropower remained the main source of supply last year, but its share fell to 61%
from 64% in 2018.
Wind power grew from 19% to 23%, and solar power reached 5%.
"In 2020, the supply side will continue to grow in most national markets and in all renewable technologies," ECOHZ said, adding that wind and solar have doubled, hydropower is also growing and still dominates the market supply
.
