that the regulation and the market structures are in a place that will actually enable this transition to happen. of course, the criticism of renewable energy is that it s expensive and difficult to store, unlike gas or coal. and those critics, markus, they have a point, i m just wondering, how do you fix that? in many places, actually, renewables if you look atjust the cost of megawatt hour produced, actually it s very competitive. that s the case in the nordics, for wind especially. it is the case in sunny areas for solar. so you get low cost megawatt hours. but the problem is the intermittency, and the profile. so how do you deal with that issue? you need the flexibility, you need a system that will bring in also baseload into the system. then, if we go further into, for example, offshore wind, yes, it is more expensive, but it is not prohibitively expensive. but again, the question is that we can tjust have the intermittent energy. we need the baseload and the flexibility also.
the renewables growth is actually happening at quite a fast pace. yes, globally, further decisiveness is needed by the society, so we continuously, year after year, we need to push hard and make sure that the regulation and the market structures are in a place that will actually enable this transition to happen. of course, the criticism of renewable energy is that it s expensive and difficult to store, unlike gas or coal. and those critics, markus, they have a point, i m just wondering, how do you fix that? in many places, actually, renewables if you look atjust the cost of megawatt hour produced, actually it s very competitive. that s the case in the nordics, for wind especially. it is the case in sunny areas for solar. so, you get low cost megawatt hours. but the problem is the intermittency, and the profile. so, how do you deal with that issue? you need the flexibility, you need a system that will bring in also baseload into the system.
yes, globally, further decisiveness is needed by the society, so we continuously, year after year, we need to push hard and make sure that the regulation and the market structures are in a place that will actually enable this transition to happen. of course, the criticism of renewable energy is that it s expensive and difficult to store, unlike gas or coal. and those critics, markus, they have a point, i m just wondering, how do you fix that? in many places, actually, renewables if you look atjust the cost of megawatt hour produced, actually it s very competitive. that s the case in the nordics, for wind especially. it is the case in sunny areas for solar. so you get low cost megawatt hours. but the problem is the intermittency, and the profile. so how do you deal with that issue? you need the flexibility, you need a system that will bring in also baseload into the system.
of billions of dollars promised to the industry by governments in europe and north america for the energy transition. i m wondering how that s going. there are certainly areas where subsidies may be needed for this transition to happen. in our core areas, in the nordics, the market is already well supplied with reliable and very cost competitive hydropower and nuclear power. so the basis for the transition is good. but markus, is it going fast enough? the renewables growth is actually happening at quite the fast pace. yes, globally, further decisiveness is needed by the society, so we continuously, year after year, we need to push hard and make sure that the regulation and the market structures are in place that will actually enable this transition to happen. of course, the criticism of renewable energy is that it s expensive and difficult to store, unlike gas or coal. and those critics, markus,
<p><span>Good morning. Thank you. Chairman and welcome to everyone joining us in person and virtually. Today we will consider a final rule on Governance Requirements for Derivatives Clearing Organizations (DCO), two proposed rules on Derivatives Clearing Organizations Recovery and Orderly Wind-down Plans and Amendments to Part 17 Large Trader Reporting Requirements and a proposed order/request for comments on European Union Non-Bank Swap Dealer Capital Comparability Determination. I will share my remarks on the respective proposals in greater detail following staff presentations.</span></p>