Market Trends of Denmark Renewable Energy Industry
This section covers the major market trends shaping the Denmark Renewable Energy Market according to our research experts:
Wind Energy to Dominate the Market
- With a capacity of more than 6000 MW (4400 MW onshore and 1700 MW offshore) from wind energy by the end of 2019, wind energy holds a significant share in the renewable market of Denmark.
- With the opening of the Horns Rev 3 project with a capacity of 407 MW in August 2019, a surge of 12% in wind power production is expected in the coming years. The project is expected to supply power to 425,000 homes, increasing the share of wind power further ahead.
- In August 2019, the Danish Energy Association unveiled more than 12 GW sites in the offshore region of Denmark, which lays the future path for the growth of wind energy in Denmark.
- With upcoming projects like Thor in the North Sea and Krieger's Flak with a capacity of 800 MW and 600 MW, the wind energy share in Denmark is expected to drive at a considerable rate.
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Government Initiatives and Policies Driving Renewable Market
- Danish energy policy mandated the complete phase-out of fossil fuels in the energy supply by 2050. In the long term, electricity, heating, industry, and transport energy are to be provided entirely by renewable sources.
- The government is providing subsidies on renewable on a tender basis. In August 2018, the European Commission (EC) approved three different schemes to subsidize electricity production from wind and solar power in Denmark for the rest of this year and 2019.
- Denmark's Energy and Climate Outlook 2019 agreement ensured financing of three offshore wind farms, relaxation of electricity taxes, new technology-neutral tenders, removal of the co-generation requirement in small-scale district heating areas, new energy-saving efforts, etc.
- The Danish government's bold steps and visionary policies are expected to drive Denmark towards a global leader in renewable.
