Europe could save €45bn by 2030 if renewable energy installations were built on sites that offer the highest power yields, according to a new study by Siemens.
Working in collaboration with the Technical University of Munich in Germany, the energy giant analysed electrical power producing systems across Europe and identified considerable potential for optimisation, "especially in connection with plans to expand power generation from renewable energy sources."
Siemens proposed four ways to optimise energy systems globally, which included local optimisation, installing more efficient electrical equipment, switching from coal fuel to gas-fire plants and generating power in large-scale power plants.
Siemens Energy Sector CEO Michael Süß said that new photovoltaic capacity to be built in Europe by 2030 amounts to around 138GW alone.
"If these facilities were erected at the sunniest sites, we could save 39 gigawatts of solar equipment - for the same power yield," Süß added.
"The choice of site is crucial to the efficiency and economy of wind power, as well."
The UK aims to expand its offshore wind power capacity to meet one quarter of its power demand by 2020.
In Germany, wind power's share is expected to increase to 15% by 2030, while the country plans to generate 80% of its power from renewable sources by 2050.
Wide fluctuations in power generation due to changing weather conditions dictate that large-scale energy storage or high-capacity exchange arrangements with other countries be in place, said Siemens.
Image: Siemens Energy Sector CEO Michael Süß. Photo: Courtesy of Siemens.