In order to combat the energy supply crisis, we need to switch to cleaner renewable power now, according to new research from ESCP Business School.
Switching to cleaner energy over a sufficient time will help countries maintain their price and carbon intensity of energy.
The findings suggest that clean firm resources such as hydropower, geothermal, long-duration energy storage, and biomass are needed to support variable clean resources, such as wind and solar energy, because in times of the year where these sources of energy are harder to obtain, countries are having to rely on the expensive and carbonising natural gases.
Germany for example, decided in 2011 to fully phase out nuclear power by 2022 and as a result left the country increasingly reliant on natural gas, proved by the nation having the highest energy carbon intensity in Europe.
Amid the energy supply crisis, it is more crucial than ever to decrease our reliance on natural gas and clean firm resources can help achieve that. The research suggests that by following the example of France in beginning to switch to clean firm resources, countries will be able to maintain price stability and decarbonize the power system, helping residential customers to pay less for electrical consumption. France currently has the lowest carbon intensity and retail rates in Europe.