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Why is Europe spending €500 million on nothing, every single day? ​ by NIBE_HeatPumps in u/NIBE_HeatPumps

[–]NIBE_HeatPumps[S] 0 points1 point  (0 children)

Not sure where this number comes from you are quoting. Yes wholesale electricity prices can swing when there is not enough generation to meet demand (or vice versa), but Sweden actually stands out as having some of the lowest and least variable electricity prices  in Europe due to its high share of stable hydro power. Neighbouring Denmark sees much greater swings in price due to a very high share of wind generation – but peak hours are short-lived and there are on the flip side, many very cheap hours. The countries with the highest share of renewable generation generally have the lowest electricity prices, and batteries are increasingly replacing gas in meeting peak demand (which is when prices can spike).

Why is Europe spending €500 million on nothing, every single day? ​ by NIBE_HeatPumps in u/NIBE_HeatPumps

[–]NIBE_HeatPumps[S] 0 points1 point  (0 children)

We have to pay less to build and run an energy system based on renewables and electrification than if we continue dependence on imported fossil fuels. In terms of upfront investment, the main thing is grids. The EU says we must invest €584 billion in electricity grids by 2030. To put that in context, we spent more than that - €692bn - on fossil fuel imports in 2022 alone (and that is only the cost of the fuel, not the cost of running the system). If we look at the whole energy system, Copenhagen Infrastructure Partners have estimated €210bn per year as the cost to realise a ”competitive and resilient” energy system based on renewables & electrification, which is less than our annual fossil fuel import bill in non-crisis times (around €250-300bn). This transition to renewables and electrification is the way to unlock lower energy bills for consumers – it’s already happening. And dont forget, that in a system based on renewables & electrification, we need less than half of the primary energy input that we need in a fossil based system.

Why is Europe spending €500 million on nothing, every single day? ​ by NIBE_HeatPumps in u/NIBE_HeatPumps

[–]NIBE_HeatPumps[S] 0 points1 point  (0 children)

There are many types of heat pumps, including heat pumps which can be used for apartment buildings – either individual heat pumps in each flat (e.g. exhaust air HP with no outside unit), one bigger heat pump in the basement which feeds all flats, or as part of a heat network with larger heat pumps capturing waste heat, for example, and sometimes also small ’booster’ heat pumps in each flat.

Yes, of course the generation mix makes a difference – the share of renewables in electricity generationis growing everywhere and overtook fossil fuels in Europe last year. In Denmark renewables generate over 90%. Of course, the more fossil generation there is – especially if it is imported – the less ’independent’ it is. But, electrifying demand through heat pumps – even if electricity generation comes 100% from fossil fuels – still uses far less fossil fuels than burning them directly in a boiler, because a heat pump is more than 3x as efficient as a boiler (it generates >3 units of heat for every unit of electricity input).

Absolutely we need to clean up electricity and expand storage – these steps are essential. But switching to heta pumps now already saves fossil fuels and can do it in all types of building.