Brussels, 1 July 2024
The generation of clean electricity in Europe is setting records. In the first half of 2024, renewables made up more than 50% of all power generation in Europe while nuclear provided a stable share of 24% – according to latest figures from Eurelectric’s electricity data platform. Demand for power, however, remains low due to sluggish growth, deindustrialisation and mild weather. Stimulating demand for electricity will be paramount to ensure continued investments in clean generation.
Europe’s power generation is decarbonising at unseen pace. The latest figures from Eurelectric’s Electricity Data Platform, ELDA, show that 74% of electricity produced in the EU in the first half of 2024 came from renewable and low-carbon energy sources. This is a significant increase compared to the 68% share in 2023. The main reasons behind this remarkable result were an unprecedented influx of renewables on the grid combined with the stabilisation of the nuclear fleet.
“The pace of change is impressive. These figures document that the decarbonisation efforts of electricity companies are years ahead of any other sector” – said Secretary General of Eurelectric, Kristian Ruby.
While the numbers on the supply side are promising, the same cannot be said for electricity demand. In the first half of 2023 power demand in the EU decreased by 5.1% compared to same period in 2022 and has continued to remain low in 2024 – 4.8% lower than in H1 2022. This trend is mainly due to industry relocating abroad, warmer temperatures, energy savings and slow economic growth.
“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” – added Kristian Ruby.
To do so, 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. Inaction could result in missing the EU climate targets, curtailment of renewable production and slowing down investments in the leading sector of the energy transition.
The Electricity Data Platform, ELDA, powered by Eurelectric, is the industry benchmark for reliable electricity data. Collecting over 16 million individual data points annually from a number of independent sources including ENTSO-E as well as EU official statistics, the data is processed by the Eurelectric intelligence team and validated by industry experts. Thus, the platform provides unmatched timeliness and accuracy for electricity data.
—
Eurelectric represents the interests of the European electricity industry. We seek to contribute to the competitiveness of our industry, provide effective representation in public affairs and promote the role of electricity in the advancement of society.
Source – Eurelectric