Sweden will double its total renewable energy capacity, excluding hydropower, from 14.8 gigawatts (GW) in 2019 to 30.4 GW in 2030, according to the analysis and data firm GlobalData.
GlobalData’s latest report, ‘Sweden’s Electricity Market Outlook to 2030, Update 2019 – Market Trends, Regulations and Competitive Outlook’, reveals that the solar photovoltaic (PV) and wind energy segments are expected to grow at rates of 16% and 8.3%, respectively, over the 2019-2030 period.
Arkapal Sil, energy analyst at GlobalData, comments: “Government schemes and incentives, such as the subsidy for photovoltaic installations, the 2018 Solar Energy Reimbursement Plan, the cancellation or solar energy tax for commercial photovoltaic installations and the elimination of building permits for solar systems are specifically aimed at boosting the solar sector, for which maximum growth among renewable energies is expected. In addition, the wind sector has been identified by the government as a potential area or expansion of capacity to achieve the goal of 100% renewable energy in 2040″.
According to GlobalData, the offshore wind segment will grow at an annual rate of 15% from 191 megawatts (MW) in 2019 to 873 MW in 2030. The rapid increase is reflected in the great offshore wind potential due to the country’s long coastline.
The main challenges for the Swedish electricity sector are its overdependence on hydropower along with aging transmission infrastructure. As of 2018, hydropower accounted for about 40% of both installed capacity and generation, subjecting the energy supply to vulnerability or water scarcity. In addition, for modernization or aging of the network infrastructure, the need to accommodate fixed renewable capacity is added by 2030 and to cope with renewable or variable frequency power generation.
Sil concludes: “Sweden is moving towards a balanced energy mix, as it prepares for more than twice its non-hydro renewable energy capacity from 13.3GW in 2018 to 30.4GW in 2030. Hydropower and nuclear power capacities will remain stable in the future and he hopes to address base load capacity. After the closure of coal-fired power plants in 2022, oil generation is expected to make up most of the thermal park.