Iran can transition to a fully renewable electricity system and financially benefit from it by 2030. Researchers at Lappeenranta University of Technology (LUT) show that major oil-producing countries in the Middle East and North Africa (MENA) region could turn their abundant renewable energy resources into lucrative business opportunities in less than two decades.
Iran can transition to a fully renewable electricity system and financially benefit from it by 2030. Researchers at Lappeenranta University of Technology (LUT) show that major oil-producing countries in the Middle East and North Africa (MENA) region could turn their abundant renewable energy resources into lucrative business opportunities in less than two decades.
According to the study, a fully renewable electricity system (100% RE) is roughly 50-60 percent cheaper than other emission-free energy options for the MENA region. For example, new nuclear power costs around 110 euros per megawatt hour. Fossil-CCS option costs around 120 euros per megawatt hour. But the cost of the fully renewable energy electricity is around 60–40 euros per megawatt hour, based on financial and technical assumptions of the year 2030.
The cost of wind and solar electricity would reduce further to 37-55 euros per megawatt hour if different energy resources were connected with a super grid that allows the transmission of high volumes of electricity across longer distances. For Iran, the price could go as low as 40-45 euros per megawatt hour. Such low cost show that the transition of the current fossil-based electricity system towards a fully renewable electricity system can cover all electricity needs in the decades to come.
"The low cost renewable electricity system is a driver for growing standards of living, continued economic growth, in particular also for energy intensive products, and finally more peace," emphasizes Professor Christian Breyer.
Read more at Lappeenranta University of Technology
Photo credit: epSos.de via Wikimedia Commons
