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EU TO REDUCE ELECTRICITY COSTS WHEN RENEWABLES ARE ABUNDANT

04/03/2017

The EU is intending to pass into law this year a rule that would require EU electric utilities to offer flexible pricing contracts. These contracts would effectively reduce the cost of electricity when the supply of energy is, abundant; in electric grids with renewable energy, this means during times when the sun is shining and the wind is blowing. The hope is that offering these flexible pricing plans will encourage more people to use electricity when it is available in abundance and to reduce the demand for electricity when renewable power is not as readily available, thereby reducing the amount of carbon dioxide emitted. The program is expected to save the average home 400 Euros per year. These pricing programs are already available in Finland, Sweden, Norway, Estonia, and Spain; the hope is to require them in the rest of the EU by 2020. For the full story, see http://uk.reuters.com/article/us-europe-power-prices-idUKKBN1721WP.