East Europe Renewable Energy Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)

East Europe Renewable Energy Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)

The East Europe renewable energy market is expected to grow at a CAGR of more than 4.5% over the period of 2020-2025. Factors such as an increase in environmental awareness and regulations and decreasing cost per kilowatt of electricity generated are expected to provide a boost to the market. However, the high price of storage of solar energy is expected to restrain the market.

• The hydropower segment is expected to dominate the market as a vast reservoir of dams have been built across east Europe due to its history with U.S.S.R. It is expected to remain the largest renewable energy segment, in the forecast period. Most of the dams have been constructed in the Russia
• New models of solar cells made of a thin film technology that uses narrow coatings of cadmium telluride in solar cells, which has higher efficiency and lower cost may prove to be an opportunity in the sector.
• Russia is expected to have the largest share of renewable energy among the nations in the forecast period due to its significant consumption of electricity and government focus to decrease dependence on imported fossil fuel. The country is also expected to invest in renewable energy projects, which is likely to aid in the growth of the market.

• Hydropower Segment includes the different sized reservoir dams that can be used to provide renewable energy. Hydropower is the most used renewable energy in East Europe.
• Poland’s largest river, the Vistula, will be the home of a new dam combined with a power plant. The construction is expected to begin, in 2020, and completed, by 2025. 80 MW of the hydroelectric power plant is expected to be created in the country through the project.
• Hydropower (including mixed plant) constitute almost 72.7%of the total renewable energy generated in the region, with nearly 69208 MW of energy being produced, in 2019.
• Therefore, vast reservoirs of dam providing renewable energy are expected to continue to dominate the market due to its large size relative to other renewable energy and continuation of maintenance and little increase in investments.

• In 2019, more than 20% of Russia's electricity is produced by Russia's hydroelectric power plants, with the country holding a wealth of untapped resources to significantly increase its output.
• Most of the renewable energy in the country is produced by hydropower projects. In 2019, 52579 MW of power in the country was produced through these projects. New projects in the solar energy sector are expected to be added to the total renewable energy market.
• In 2019, A solar farm with a capacity of 75 MW project was built by Russian developer Solar Systems LLC in Novokuybyshevsk, in the Samara Oblast. It is, in 2019, the largest operational PV plant in the country.
• The biggest hydropower plant in Russia, the Sayano-Shushenskaya hydroelectric power plant is located on the Yenisei River in Sayanogorsk, Khakassia. The power station’s 242m-high arch-gravity dam has an installed capacity of 6.4GW. The hydro project provides for plentiful electricity supply in the Central and East regions of the country.
• Hence, the Russia is expected to dominate the market due to its large size and increase in the installed capacity of renewable energy in the forecast period.

East Europe renewable energy market is partially fragmented. Some of the key players in this market are PJSC RusHydro, Vestas Wind Systems A/S, Enel Green Power S.p.A., NOTUS Energy GmbH, SGS SA

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