EROI and the Icelandic society
In this paper, the societal Energy Return on Investment (EROIsoc) is estimated for Iceland between 1960 and the present. The results indicate that the overall EROIsoc was around 27:1 in the early 1960s, and was volatile for a period of time before stabilizing at around 45:1 in 1974 after establishin...
| Published in: | Energy Policy |
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| Main Author: | |
| Format: | Article in Journal/Newspaper |
| Language: | English |
| Published: |
2018
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| Online Access: | https://portal.findresearcher.sdu.dk/da/publications/b212204f-2a51-4738-ae3e-3b62493a9e2b https://doi.org/10.1016/j.enpol.2018.04.069 |
| Summary: | In this paper, the societal Energy Return on Investment (EROIsoc) is estimated for Iceland between 1960 and the present. The results indicate that the overall EROIsoc was around 27:1 in the early 1960s, and was volatile for a period of time before stabilizing at around 45:1 in 1974 after establishing a strong mix of renewable energy. These findings further show that Icelanders have generally had access to energy sources with higher EROI than if they had relied on fossil fuels, except for the period between 1963 and 1967. If they had relied on fossil fuels alone, Icelanders would now have access to combined resources with an EROI of around 16:1, likely too low for prosperity, and an even lower EROI for long periods of time. Regarding policies, this paper shows that relying on an energy grid mix with an EROI higher than 20-30:1, especially for island nations, has the potential to raise the standard of living greatly. For policymakers in island nations, attention should be given to this relationship between high-EROI energy sources with low price volatility and the standard of living. |
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