Mon. Jun 21st, 2021

Renewable energy is taking over fossil fuels gradually. The industry is slowly growing with the potential to overcome the stakes in the energy demand market. This is more so evident by reports of previously fossil fuel-dependent operators making the shift to renewable energy. The most prominent example is the supposed announcement that includes the issuing of a national grid operator agreement between Poland’s leading petroleum firms with the national grid that ensures the company’s energy transmission from existing offshore wind turbine project flows into the national energy pool.  

This arrangement opens a door for the firm to generate energy for the national grid and features a plan to feed renewable energy to the country’s national grid system from the PKN Orlen wind farm. According to the company, the wind generation plant is under Baltic Power, the Orlen Group’s affiliate. The Orlen Group resultantly signed the energy leverage deal to link its Baltic offshore wind farm to the grid. Further details reveal Polish grid operator PSE as the other partner of the agreement.

It is not clear when the company plans to shift to renewable energy generation entirely. However, the existence of Orlen Group’s already operational offshore wind farms shows the company’s interests in obtaining substantial stakes in the industry. The company states that the development marks a significant stage in the company’s planned investment plans in readiness to ensure renewable energy generated by its sea-based plants finds its way into the country’s national grid system.

The company’s CEO Daniel Obajtek has confirmed that the company plans to have this deal in effect soon. According to his projections, the additional electricity being added into the will meet the needs of up to one million houses. It will start the development of renewable energy within a couple of years. The development is not a sure report; however, speculations attest that the copay is gradually edging itself towards being a renewable energy generating firm. Obajtek confirmed that the latest contract signed is a powerful indication of an advanced phase of planning for the project.

The Orlen Group’s possible shift is a demonstration of investors in the energy seeing the sustainable energy market’s potential. It acts as a herald for the entire industry following suit. Despite the future not being revealed when in talks with the company’s directors, experts relate that the company’s possibility to chart for a fully renewable energy portfolio is eminent.

https://atlanticfinancialmanagement.co.uk/

By Adam