The Federation of the European Electricity Industry, Eurelectric, said on Thursday 21 September, as part of the publication of its 2023 PowerBarometer, that despite the potential relief from the energy crisis in Europe, the challenges of decarbonisation and security of energy supply persist.
According to Eurelectric, Europe urgently needs to attract unprecedented investment to extend its energy network and triple the rate of electrification by 2030.
“After a period of historic difficulties, the positive signs are multiplying”, says the publication. Gas consumption has fallen by 19% and millions of consumers have switched to electric heating. Wholesale electricity prices have also stabilised, falling from an average of €227/MW in 2022 to €100/MW, and retail prices have followed suit.
The electrification of transport has also made progress. However, the roll-out of charging infrastructure for electric vehicles and investment in electricity networks are lagging behind.
“We need more power lines, digitisation and climate resilience to prepare our networks for carbon neutrality”, said Kristian Ruby, Secretary General ofEurelectric.
“This requires a change in regulations. Network operators must be allowed to make early investments so that we can increase the level of electrification”.
Solar power generation grew strongly (record deployment of 41 GW), but wind power installations were delayed by supply and regulatory issues. To increase the production of renewable energy, Eurelectric recommends investing in flexible technologies and massively developing storage, which currently stands at 4.5 GW in 2022, whereas Europe will need 11 to 14 GW per year in the future.
To see the barometer: https://aeur.eu/f/8pc (Original version in French by Pauline Denys)