According to Wärtsilä's "Crossroads on the Net Zero Journey" report, developing renewable energy alone is insufficient to ensure a clean energy future. Global power system simulation research shows that a combination of renewable energy and flexible power plants is necessary to achieve emission reduction targets under the Paris Agreement from now until 2050.
Benefits of Combining Renewables with Flexible Power Sources
According to Wärtsilä's simulation, integrating flexible power plants into the power system brings significant benefits compared to using only renewables and storage systems. Research results show that this approach can help reduce total power system costs by 42%, equivalent to 65 trillion euros by 2050.
It also contributes to reducing total CO₂ emissions by 21%, equivalent to about 19 billion tons. Notably, integrating flexible power sources helps reduce renewable energy wastage due to curtailment by up to 88% and halves the required new renewable energy installation capacity and land use.
The Role of Flexible Power in the System
Different flexible technologies play varying roles in balancing the power system. While energy storage battery systems handle balancing at the second and minute levels, flexible power plants using Reciprocating Internal Combustion Engines (RICE) can handle hourly, daily, and even seasonal fluctuations. Research also indicates that for every GW of renewable energy capacity, the system will need about 150 MW of flexible power capacity to ensure stability.
Development Prospects in Vietnam
Vietnam has demonstrated a strong commitment to its Net Zero goal by 2050, recognizing flexible power sources in the Power Development Plan VIII. Accordingly, flexible power capacity will start with 300 MW from now until 2030 and significantly increase to 46,200 MW before 2050. Wärtsilä's 2022 simulation study of Vietnam's power system shows that transitioning to a carbon-neutral power system by 2050 could help Vietnam save approximately 26 billion euros annually.
Vietnam is committed to reaching net-zero emissions by 2050
Recommendations for Energy Transition
The report emphasizes the need for a comprehensive system-level approach rather than focusing solely on accelerating renewable energy development. It is essential to ensure timely implementation of plans and develop appropriate market mechanisms to support the deployment of new technologies. Experts recommend swift integration of various suitable balancing technologies while phasing out inflexible power plants and transitioning to sustainable fuels.
Shaping the Energy Future
Mr. Anders Lindberg, President of Energy and Senior Vice President of Wärtsilä Group, emphasizes that although the share of renewables in the power system is larger than ever, renewables alone are not enough. Simulation studies have shown that flexible sources are necessary to achieve a clean energy future. Mr. Pham Minh Thanh, Country Manager of Wärtsilä Vietnam, also shares that timely implementation of Power Development Plan VIII and increasing the proportion of renewables along with flexible power generation are essential in the next decade for Vietnam to achieve its set goals.
Cre: Cafef
>> See more: Vietnam is committed to reaching net-zero emissions by 2050
