New fossil-fuel reserve power plants to secure the energy transition are expected to come on line by 2018, according to a report in the 11 November 2016 issue of the magazine Capital.
Current estimates put the cost of these facilities at some EUR 50-100 million a year. Although EnergyNest CEO Dr. Christian Thiel agrees that fossil reserves are still needed, he would rather see the planned investments flow into innovative energy storage solutions. “Particularly with a view to the energy transition, it would make a lot more sense given the massive expansion of renewables to invest funds in new energy storage projects. In the long run, this would not only be more economical, but also the more ecologically sound choice because such steps can harvest the full potential of renewables, thereby making the energy transition a sustainable energy transition,” says Thiel.