German Nuclear Exit to Boost Renewables, Energy Grid Investments
BERLIN and SEATTLE, June 7, 2011 /PRNewswire/ -- Germany's government last week confirmed a complete nuclear phase-out by 2022, paving the way for an accelerated shift to renewable energy. This will require major investments in the electricity grid and energy storage technologies. Germany is already pursuing solutions, with several model regions developing new industry standards. These activities create excellent business opportunities in the German market. Germany Trade & Invest is hosting an event on June 8 in Seattle to share the latest developments and investment opportunities in Germany, especially in the growing eastern regions.
"Smart energy management is a key component of our future energy supply. With one of the world's leading renewable energy industries and a highly innovative IT sector, Germany is in an outstanding position to take the lead globally. Investors benefit from excellent conditions here," said Dr. Juergen Friedrich, Chief Executive of Germany Trade & Invest in Berlin.
Germany already boasts 17 percent renewable electricity from sources like wind and solar power, which do not have a base load. A large fluctuating energy supply requires smart grids and energy storage to balance supply and demand, which can be achieved by shifting consumption or storing energy for later use. Software and IT solutions are a key component for the advancement of smart energy management.
A first-rate telecommunications and electricity grid is a prerequisite for the expansion of smart metering and grid technologies. Germany receives excellent marks in this area. In its 2010 Global Performance Index, the World Economic Forum ranked Germany's telecommunications and transportation infrastructure first worldwide. Partial credit goes to massive infrastructure investments in eastern Germany since reunification in 1990.
Germany has six model regions that receive funding for the development of different aspects of future smart grid technologies and standards. The Regenerative Model Region Harz (RegModHarz), for example, is developing a virtual power station that groups renewable power generators, consumers and energy storage facilities to prove that stable, reliable and consumer-oriented electrical power is achievable from renewable sources.
Germany Trade & Invest is the foreign trade and inward investment promotion agency of the Federal Republic of Germany. The organization advises foreign companies looking to expand their business activities in the German market. It provides information on foreign trade to German companies that seek to enter foreign markets.
Germany Trade & Invest Andreas Bilfinger Email: email@example.com T: +49(0)30-200099-173 F: +49(0)30-200099-111
SOURCE Germany Trade and Invest