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Impacts of large-scale deployment of vertical bifacial photovoltaics on European electricity market dynamics

Author

Listed:
  • Laszlo Szabo

    (Corvinus University of Budapest)

  • Magda Moner- Girona

    (University of California)

  • Arnulf Jäger-Waldau

    (European Commission)

  • Ioannis Kougias

    (Elpedison SA)

  • Andras Mezosi

    (Corvinus University of Budapest)

  • Fernando Fahl

    (European Dynamics Luxembourg S.A.)

  • Sandor Szabo

    (European Commission)

Abstract

Self-sufficiency, climate change and increasing geopolitical risks have driven energy policies to make renewable energy sources dominant in the power production portfolios. The initial boom in the mid-2000s of global photovoltaic installations demonstrated the feasibility of the ambitious renewable energy targets. However, this rapid scale-up has introduced challenges, including price volatility and system integration issues. This communication calls the attention to these emerging challenges and offers quantitative insights on how rapid adoption of a more diversified photovoltaics deployment strategies can mitigate price volatilities, reduce fossil fuel dependence and steer Europe towards a forward-thinking sustainable energy pathway. The analysis reveals that as innovative bifacial photovoltaic systems are incorporated on a large-scale disruptive scenario, four main patterns emerge: economic value of solar production increases, base-load electricity price decreases, sun-rich countries expand their solar contributions, whereas nations with ample grid interconnections enhance their energy imports from neighbouring countries. It also underscores the importance of maintaining photovoltaics an attractive option for energy investors and traders in the future. Establishing this groundwork is critical since a successful integration of large-scale solar systems contributing to decrease price volatilities in Europe and US will carry significant repercussions for global energy policy formulation.

Suggested Citation

  • Laszlo Szabo & Magda Moner- Girona & Arnulf Jäger-Waldau & Ioannis Kougias & Andras Mezosi & Fernando Fahl & Sandor Szabo, 2024. "Impacts of large-scale deployment of vertical bifacial photovoltaics on European electricity market dynamics," Nature Communications, Nature, vol. 15(1), pages 1-16, December.
    • Handle: RePEc:nat:natcom:v:15:y:2024:i:1:d:10.1038_s41467-024-50762-7
    DOI: 10.1038/s41467-024-50762-7
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