In Portugal, 31 new solar power plants will be built, with a total production capacity of more than 1,000 MW by 2021. The total value of the projects has been estimated at around 800 million euros.
“In 2021, we will be able to triple Portugal’s solar capacity, from the current 572 MW to around 1,600 MW“, says Jorge Seguro Sanches, Secretary of State for Energy of Portugal.
Portugal has already generated more than 100% of its electricity needs from renewable energies, mainly from hydroelectric and wind power.
Of course, the most sensible thing to do is to balance these two ways of producing green energy with a third, especially since the cost of solar energy has dropped significantly in recent years, making it more affordable. In addition, energy storage in the form of battery systems becomes cheaper and they can be well combined with solar panels.
Portugal’s objective is to be able to operate entirely on renewable electricity: “The success of the last month is an example of what will happen more frequently in the near future. It is expected that by 2040, the production of renewable electricity can cost-effectively guarantee the total annual electricity consumption of mainland Portugal.“Said the Portuguese Association of Renewable Energy and the Association of the Sustainable Earth System.
An economic advantage of investing in renewable energies is cessation of fossil fuel subsidies: “Separately, on Tuesday, the government suspended subsidies to producers for a guaranteed energy supply, worth around € 20 million per year, most of which goes to fossil fuel power plants in standby mode. for backup“.
Of course, any excess electricity can be exported and that’s exactly what happened ”.In addition, the Portuguese electricity system had a net export balance of 249 GWh, or nearly 24 million euros. Electricity export prices increased due to the emergency of the French electricity sector and bad weather conditions in central Europe“.
Renewable energy has been seen by some to be of purely environmental interest, but Portugal shows that it can also have economic advantages.