Renewable energy accounts for 95% of Iceland’s energy needs. It also has the cheapest electricity in Europe. The island nation has very rich geothermal fields that could well power Britain. Plans are underway to construct a 1200 km underwater electricity pipe that will bring power to British. Power is very expensive in Britain. It gets a staggering 93% of its electricity from non-renewable polluting sources. These sources are also very costly. It has made Britain have the most expensive energy system in Europe. The planned importations of power from Iceland, though expensive will significantly strengthen Britain’s energy security. It will also allow it to meet the EU target of generating 30% of its energy from alternative energy sources. With the feasibility already underway, the first volts could reach the shores of the kingdom nation in less than a decade.
Iceland is an island nation located in a tectonically active region. Fiery volcanoes are its way of life. It has created a very productive geothermal field that can power the whole of Europe if harnessed. With the current global warming and urgency for renewable energy sources, it’s extremely attractive. It has itself managed to utilize this source of power significantly. Iceland is a very wealthy country with stable democracy. It makes it an attractive energy investment destination.
Energy security is critical to Europe. Many countries still depend on imported Oil and gas. Its fluctuation negatively affects economies. The fact that few countries with the resources seem to want to manipulate others has made energy an emotive issue in Europe. Globally the need to control global warming has also driven the need for alternative energy sources. Sweden plans to be fully carbon neutral by 2025. Germany is also phasing out its nuclear plants for wind farms.