April 15, 2022
With the increasing use of energy and other resources, three-fifths of the population lack access to energy. Given this fact, it is directly contributing to challenges in poverty reduction and economic development. One of the best ways to overcome such challenges and stabilise the supply of energy is with Cross Border Electricity Trade (CBET). Trade-in energy allows market integration and extension in addition to bringing down the price of energy. Though there are multiple benefits of Cross Border Electricity Trade (CBET) and the Balancing Market, many countries seem reluctant to embrace it.
Energy Cross-Border Trading and Balancing Market is the Need of the Hour
Over the past couple of years (especially after the pandemic hit), the energy sector has witnessed a lot of complications. The high demand for electricity and low production is a major challenge that is impacting the sector. This is why energy market leaders need to collaborate and build a robust cross-border corporation.
Cross-Border Trading not only improves energy trading and market balancing globally but also ensures that the high demand for energy is met. However, connecting the energy market leaders and facilitating cross-border trade isn’t easy. To overcome this issue, GlobalBSG is inviting European energy leaders to the 7th Annual Energy Cross-Border Trading and Balancing Market Forum.
The event will cover a vast range of topics including market policy updates, cost analysis, balancing market integration, updates on regulations, congestion management, and capacity allocation. Apart from this, the attendees will gain knowledge about balancing cooperation benefits, renewables integration in the cross-border trade, disaster management, recovery of the market after the pandemic, and other crucial projects in Europe.
If you’re looking to get complete information about energy cross-border trading and balancing, all you need to do is join the conference where energy market leaders, TSOs, NEMOs, etc. will collaborate and share knowledge with the attendees.
What is Cross Border Energy Trade and Why is it Important?
Cross-border energy trading is a way to expand the power market by connecting the grid with South Asian countries including Bhutan, Nepal, and Bangladesh. By connecting the areas that are rich in renewable energy, one can balance the supply and demand of energy. Owing to advanced technologies like high voltage direct current (HVDC) cross-border transmission lines, it’s now easy to trade energy over long distances. Learn more about how cross-border trading can balance the energy market.
Reliable Energy Supply Over Large Distances
One of the biggest aims of the CBET is to offer a reliable energy supply over large distances. The best part is that CBET links resources together in such a way that leads to the production and supply of clean and secure energy. No matter where they need energy, high voltage direct current (HVDC) cross-border transmission lines can easily supply energy to large areas.
Stabilisation of Renewable Energy Issues
Tapping into the larger pool of renewable energy and other crucial resources allows the countries to address variable supply issues. When an area that has rich renewable energy generating capacity is connected with an area that has a high demand for renewable energy, it balances the supply and demand for the resources easily. Hence, it stabilises the issues and ensures smooth flow and trade of energy.
Affordable Energy Trade
Energy cross-border trading and balancing is an affordable way to supply energy across the world. Though there are plenty of benefits of trading energy across borders, major challenges like lack of information make it hard for organizations to support CBET. As a result, GlobalBSG is on a mission to help energy traders with a platform where they can collaborate and discuss their ideas.
Final Thoughts
Energy trading and balancing are vital to overcoming challenges and high operational demands. If you’re an energy trader, ISO, TSO, or DSO, it’s crucial to keep yourself aware of new projects and how they impact cross-border trading. The 7th Annual Energy Cross-Border Trading and Balancing Market Forum powered by GlobalBSG is one of the best places to grab essential knowledge and equip yourself with the latest facts. The dates for the event are 19-20 May 2022. Register here today.
