Solar Storms May Cause Large-Scale Power Outages, Allianz Says
Solar storms may cause large-scale power outages in 2012 to 2013, according to Allianz SE (ALV), Europe’s biggest insurer.
“Particularly in the northern hemisphere, space weather events could severely damage high-voltage transformers whose repair can take days or even weeks,” the company said in a report today.
Increased use of renewable energy also threatens power- network stability, according to the report.
“Companies in Europe and in the U.S. may face severe blackouts more often as grid stability will decrease without substantial investments in power supply infrastructure,” it said. “The existing energy infrastructure is not ready to cope with the rise in renewable energies such as wind or solar power which are volatile supply sources and often produced far from the centers of demand.”
To contact the editor responsible for this story: Rob Verdonck at rverdonck@bloomberg.net
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