Renewables setting records in Europe but demand remains low
Pamela Largue
Posted on: 3 July 2024
In the first half of 2024| 74% of electricity produced in the EU came from renewable and low-carbon energy sources| compared to 68% in 2023.
A new report from industry association Eurelectric shows that while renewable generation in Europe is setting records, demand for power remains low due to slow growth, mild weather and deindustrialization.
The latest figures from The Electricity Data Platform report show promising decarbonisation trends. Specifically, in the first half of 2024, 74% of electricity produced in the EU came from renewable and low-carbon energy sources, compared to 68% in 2023.
According to the report, the increase is due to a significant influx of renewables onto the grid, as well as the stabilisation of Europe's nuclear fleet.
Less promising, however, are the demand side figures. Eurelectric's report indicates that in the first half of 2023 power demand in the EU decreased by 5.1% compared to 2022 and continues to remain low in 2024.
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Secretary general of Eurelectric, Kristian Ruby commented on the report's findings, stating that the increased rate of renewables penetration is impressive. However, he 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.”
Recommendations
Eurelectric suggests that if this situation is not addressed, the EU could miss reaching its climate targets. The energy transition would also be hindered due to renewable curtailment and a slowdown in investments.
The association is therefore calling on the new Commission to propose an Electrification Action Plan that requires a 35% indicative target for 2030 and a clear electrification indicator to be introduced in the national energy and climate plans of EU countries to monitor and deliver progress on the ground.
The Electricity Data Platform, or ELDA, collects over 16 million individual data points annually from various independent sources including ENTSO-E, as well as EU official statistics.
