EU Energy Revolution as Electricity Generation Greenest Ever
The quest for clean electricity is breaking new ground worldwide, with the picture looking greener than ever before across the European Union (EU).
In the six months up to the end of June 2024, more than 50% of Europe's power generation came from renewable sources, with nuclear energy contributing shy of a quarter.
Europe’s green energy production growth
Across the continents, the demand for power remains tepid due to sluggish economic growth and deindustrialisation along with mild weather that comes with climate change. Off the back of Eurelectric’s report, it’s clear that boosting electricity demand is crucial for sustaining investments in green energy.
But how does Europe’s electricity production mix compare to recent times? Power regeneration is decarbonising at a pace never seen before, with the 74% of electricity produced this year so far from renewable and low-carbon energy sources a significant increase compared to the 68% share in 2023.
“The pace of change is impressive,” said Kristian Ruby, Eurelectric’s Secretary General.
“These figures document that the decarbonisation efforts of electricity companies are years ahead of any other sector.”
The rise of renewable and low-carbon energy generation sources is attributable to an unprecedented influx of renewables on the grid combined with the stabilisation of the nuclear fleet, Eurelectric says.
What has happened to Europe’s electricity demand?
Supply numbers provide an encouraging outlook to the future, but this is not matched with the same optimism when it comes to electricity demand.
Eurelectric statistics show that, in the first half of 2023, power demand in the EU decreased by 5.1% compared to the same period in 2022. This downward trajectory has continued in 2024 and sits at a figure 4.8% lower than in the first half of 2022.
This downturn is a result of industry moving its operations abroad, aforementioned warmer temperatures and energy savings goals, coupled with slow economic growth.
Kristian added: “Years of stagnation in electricity demand have now turned into a regular decline. Policymakers must urgently support the uptake of electricity to provide the necessary investment signals for clean generation.”
Europe’s next steps
Eurelectric is calling on the new Commission to propose an Electrification Action Plan within the first 100 days of its mandate, with a 35% indicative target for 2030 and a clear electrification indicator to be introduced in the national energy and climate plans (NECPs) of EU countries to monitor and deliver progress on the ground.
This is as the International Energy Agency (IEA) data says that Europe’s growth is becoming a solar success story. The agency foresees a 61% share of renewable electricity in Europe by 2028 with an unprecedented surge of previously unforeseen solar panel installations partly responsible for this.
The agency says this despite stating that countries’ renewables ambitions and implementation plans are not in line with goals set at COP28. Although part of a global outlook, this study was published with the financial backing of the EU as part of its funding of the Clean Energy Transitions in Emerging Economies programme as part of the IEA’s Clean Energy Transitions Programme.
Ember’s report launched earlier this year also says that Europe’s surge in renewable power generation is driven by wind and solar, which will double from 27% in 2023 to 55% in 2030.
Sarah Brown, Ember’s Europe Programme Director, said: “The EU’s power sector is in the middle of a monumental shift. Fossil fuels are playing a smaller role than ever as a system with wind and solar as its backbone comes into view.
“The energy crisis and Russia’s invasion of Ukraine did not lead to coal and gas resurgence — far from it. Coal is nearing phase-out and as wind and solar grow, gas will be next to enter terminal decline. However it is not time to get complacent.
“The EU needs a laser focus on rapidly deploying wind, solar and flexibility to create a system free of fossil fuels.”
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