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EIB begins metamorphosis into climate bank
BIG MOVE: "updated lending policy which could see the EU bank stop funding fossil fuel projects"

Diversity is the key to economic and political evolution.
by Cat on Thu Sep 12th, 2019 at 08:03:46 PM EST
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Los Angeles is going through a similar struggle regarding natural gas vs renewables. One big step towards renewables has been the approval of the Eland Project in the Mojave Desert.

The two sections of Eland will total 400 megawatts of solar power combined with up to 300 megawatts/1,200 megawatt-hours of energy storage. With storage, the effective capacity factor is in the 60 percent range, so it is able to power California for a big portion of the day and eat into peak load," said Colin Smith, solar analyst at Wood Mackenzie Power & Renewables.
The sweet aspect for rate payers is that the electricity provided under this contract will cost less than $40/MWhr. This project alone provides 1/6th of the renewable power/battery storage required to make Los Angeles DWP carbon free by 2030. The project also includes upgrades to the power switching and interconnect in Lonesome Valley that will also offer load, frequency and phase stability to the grid.

Similar Combined Solar + Battery Energy Storage systems are possible in southern Italy and in Spain. Were the EIB to fund such developments that could also constitute redistribution of wealth from northern investment to southern generation capacity and local income.

As in Los Angeles the struggle is between incumbent fossil fuel interests and the obvious cost advantages of solar + Battery Energy Storage. Unfortunately, in Europe natural gas fossil fuel infrastructure is still being built out.

"It is not necessary to have hope in order to persevere."

by ARGeezer (ARGeezer a in a circle eurotrib daught com) on Fri Sep 13th, 2019 at 03:51:35 AM EST
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