German expansion of renewables may cut energy costs by EUR 54bn by 2030 - study

Sep 9, 2013 - Accelerated expansion of renewable energy in Germany may save the economy EUR 54 billion (USD 71bn) in electricity costs by 2030 due to technological progress and economies from environmental repair, according research of Greenpeace Energy, posted on Wednesday.

The study, ordered by Greenpeace, was conducted by non-governmental organisation Green Budget Germany. The researchers compared costs of conventional and renewable sources of energy up to 2050.

According to the study, renewable energy production costs EUR 0.031 less per 1 kWh than energy from fossil fuels. The generation of electricity from nuclear and fossil sources causes environmental damage which then needs high investments to be repaired. Green energy, on the other hand, saves on these additional expenses and keeps lowering its price due to technological innovation.

The study proves that a rapid expansion of renewables in Germany will contribute to the environment as well as to the economy, Marcel Keiffenheim, head of energy policy for Greenpeace Energy, said.

The results show further that the cost advantage of renewable energy adds up to a total EUR 522 billion euros by 2050. Wind power is the biggest contributor to the savings with EUR 405 billion, Greenpeace Energy added.

(EUR 1.0 = USD 1.319)

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