PORTUGAL GOES FOR NEW ENERGY
Submitted by EnergyTechStocks.com
Portugal has no coal, oil or natural gas resources. But it has lots of wind, sun, waves and flowing water. It once imported 80% of its energy needs. It now produces over 40% of its power from New Energy sources and is aggressively building more. Economy and Innovation Minister Manuel Pinho: “Not taking advantage of our resources such as water and the wind would be like Venezuela not taking advantage of its oil…”
Besides producing electricity, New Energy is a boon to Portugal’s economy. The country expects New Energy to generate 10,000 new jobs and investment of $12.1 billion in the next 5 years.
click to enlargePortugal leads rush into green energy
Barry Hatton, March 16, 2008 (AP via SF Chronicle)
WHO
Portugal (pop. 10.6 million) (Economy and Innovation Minister Manuel Pinho); Energias de Portugal SA (EDP)
The wind energy industry is booming in Portugal (and Spain). (click to enlarge)
WHAT
At the end of 2007, Portugal was obtaining over 40% of its electricity from New Energy sources. It is planning the world’s biggest solar thermal power plant, Europe’s largest wind farm, 11 new dams to generate hydroelectric power and a wave energy project.
WHEN
- The EU’s triple 20 goals include obtaining 20% of its electricity from New Energy sources by 2020. It was at 8.5% in 2005.
The 11 megawatt Serpa PV solar power plant is the biggest right now… (click to enlarge)
WHERE
- Portugal is one of 8 EU countries obtaining over 10% of its electricity from New Energy sources. Britain and Italy are at only 5% while Sweden, Denmark, Spain and Austria are growing like Portugal.
- Portugal’s Amareleja (pop: 3,000) project claimed to be the biggest solar power plant in the world: 2,500 26 ft. by 43 ft., 2.2 ton gray-blue solar panels over 618 acres costing $396 million and serving 30,000 homes.
- The new wind farm will be in Portugal’s hilly north.
- The wave energy project will be on the country’s Atlantic coast.
WHY
- Portugal’s wind energy capacity grew fourfold from 2005 to 2006, the EU’s biggest wind energy growth rate. Portugal will have wind power for 750,000 homes by the end of 2008.
- The government provides a variety of grants and subsidies to New Energy producers.
- Portugal is looking to the New Energy sector to ease its falling per capita GDP (down from 80% in 2000 to 71%) and rising unemployment (now 8.3%).
- Utility EDP has become an international energy power through New Energy revenues.
…But the Amareleja facility will have 4 times the megawatt capacity. (click to enlarge)
QUOTES
- Economy and Innovation Minister Manuel Pinho: “Not taking advantage of our resources such as water and the wind would be like Venezuela not taking advantage of its oil…”
- Oliver Schaefer, policy director, European Renewable Energy Council: “Some countries [unlike Portugal] are clearly lagging behind [in New Energy development]…”
