New Energy World™
New Energy World™ embraces the whole energy industry as it connects and converges to address the decarbonisation challenge. It covers progress being made across the industry, from the dynamics under way to reduce emissions in oil and gas, through improvements to the efficiency of energy conversion and use, to cutting-edge initiatives in renewable and low-carbon technologies.
Electrification challenges loom as the EU moves toward net zero
5/6/2024
8 min read
Feature
The all-electric future of the European Union’s (EU) energy system will be a significant challenge for the electricity sector, according to industry association Eurelectric Secretary General Kristian Ruby, reports Liz Newmark.
The EU’s 2040 climate target not only sets a 90% reduction in net greenhouse gas emissions goal, but also forecasts that there will be up to twice the amount of electricity in EU final energy consumption by 2040, compared to 1990 levels.
Meeting these goals, predicts Eurelectric, will require ‘a double-digit billion figure of additional investments every year, when armed conflicts, deindustrialisation, higher interest rates and a cost of living crisis present a more challenging environment to transform the European economy’.
The Russian challenge
Speaking before the Federation’s annual ‘Lights ON’ power summit on 22–23 May 2024, in Lagonissi, near Athens, Ruby says an immediate major challenge is to reduce the EU’s dependence on external suppliers for natural gas – notably Russia – as gas still represents around 21.5% of EU energy consumption.