European countries can save nearly €45bn in investments by 2030 through better management of renewable energy projects, Siemens stated in its report.
The global engineering firm has presented the report for the study undertaken in collaboration with Technical University of Munich following analysis of electrical power producing systems across Europe.
Its aim is to arrive at solutions for the billions of investments that are being wasted every year due to inefficient energy systems and markets across the worldwide.
The report demonstrates the potential for optimization, expressly pertaining to expansion plans to boost power generation from renewable energy sources.
Siemens, in its report, revealed that Europe can save the investment through a better choice of location and building the projects at the sites that can yield the highest power.
Commenting on the renewable potential of the region, Siemens energy CEO Michael Süß noted that the new photovoltaic projects which are to be built within 2030 total to nearly 138GW.
"If these facilities were erected at the sunniest sites, we could save 39 gigawatts of solar equipment – for the same power yield. The choice of site is crucial to the efficiency and economy of wind power, as well," revealed Süß.
Siemens is planning to present these findings at the global energy gathering, the World Energy Congress (WEC), scheduled to be held in Daegu, South Korea in October 2013.
Meanwhile, the company has pointed four forces to optimise the energy systems across the globe.
They include local optimisation of renewable power installations, improving the efficiency of the power system as a whole, improvements in the power plant mix and more use of electric power for energy needs.
The report stated that majority of European countries have opted for renewable resources, with Great Britain tapping offshore wind power capacity to meet one quarter of its power demand by 2020, while Germany is aiming to raise its wind energy share to 15% by 2030.
