In a new publication published on 24 June, SolarPowerEU, the European solar energy association, shows that increasing renewable energies, electrification and grid flexibility could reduce electricity prices by a quarter by 2030 (25%) and by a third by 2040 (33%) compared to 2023 levels.
SolarPowerEU also estimates that by 2040, the EU could welcome 2.4 TW of solar energy, thanks to “a flexible and electrified system”, which would make it possible to meet 39% of the Union’s electricity demand.
SolarPower Europe’s new report, ‘Mission Solar 2040: Europe's Flexibility Revolution’, presents three scenarios: conventional solar (SAU), solar + flexibility (SF) and solar + flexibility + electrification (SFE).
The last scenario (SFE) would reduce solar energy wastage by 66% in 2030 and 49% in 2040 compared with the first (SAU).
For Walburga Hemetsberger, CEO of SolarPower Europe, it is therefore vital that the new European legislature moves up a gear in the energy transition.
“We call on European leaders to implement current electricity market regulation, set new targets for renewables and flexibility up to 2040, and adopt an action and investment plan for the electrification of the EU as soon as possible,” she said.
The report also calls for improved energy system modelling capabilities, by strengthening ACER and creating a new European energy agency to strengthen energy system forecasting.
To see the report: https://aeur.eu/f/cv5 (Original version in French by Pauline Denys)