RES investment boom planned for 55% of total output by 2030

Investments totaling 32.7 billion euros will need to be made between 2020 and 2030 for the RES sector’s penetration level to rise to 32 percent of energy consumption and 55 percent of electricity production, as well as for a 63 percent reduction of greenhouse gas emissions and energy savings of 32 percent, according to a National Energy and Climate Plan, forwarded yesterday by the energy ministry for public consultation.

The aforementioned investment amount includes 8.5 billion euros for RES power generation, 5.5 billion euros for electricity system infrastructure, 1.9 billion euros for new power stations and upgrades of existing facilities, 3.3 billion euros for distribution network development and digitization projects, 2.2 billion euros for cross-border natural gas pipes, 2 billion euros for natural gas networks and storage units, 300 million euros for research and innovation, and 9 billion euros for energy efficiency.

The overall plan foresees major RES penetration, to be driven by reduced electricity generation costs in the sector, especially PV and wind energy technology, and a withdrawal of old lignite and diesel-fired power stations, whose production costs are expected to increase as a result of higher CO2 emission right costs.

Overall installed capacity for electricity production is expected to increase by 44 percent, according to the plan.