Page 28 - European Energy Innovation magazine - autumn 2022 edition

Autumn 2022 European Energy Innovation
28 ELECTRIFICATION

Electrification of EU economy (%)
40

Eurelectric 34%
35

EC's projection 30%

30

25
23.16 23.15 23.31 23.53
22.18

20
2010 2015 2020 2025 2030

To speed up these rates, it is Renewable energy is certainly key, but electricity without a modern grid to
essential to remove gas subsidies, all clean technologies will be needed connect and spread them across
ad-hoc taxes and levies from to power a clean energy system. Europe. DSOs are the backbone
electricity bills, as well as ensure a RePowerEU has further raised of the transition as they enable
level playing field between energy renewables (RES) rollout targets by demand-side flexibility and ensure a
carriers based on their carbon an additional 41 GW of wind power reliable electricity network. Speeding
content. The revision of the EU Energy and 62 GW of solar compared to up their digitalisation can also
Taxation Directive is therefore key. Fit-for-55 objectives. In total, 753 GW raise consumer awareness, better
of new RES capacity will be needed structure their energy consumption
Energy independence & by 2030. and help them become actively
decarbonisation: making it happen? involved in the energy transition.
The EU’s 2030 decarbonisation Such an impressive ramp-up requires By 2030, up to 70% of installed
agenda requires a 62% increase in overcoming global supply chain renewables will be integrated at
generation capacity from 2021 levels. bottlenecks. Rising prices of critical distribution level. To meet such a
This translates into investments raw materials might slow down target, grid investment levels must
of €79 billion per year. Yet, market project deployment. Stimulating increase by more than 30% in the
interventions and lengthy permitting sustainable domestic production, coming years.
procedures risk undermining investor innovation investments, efficiency
confidence. Instead, what is needed improvements, and economies of This is the time to step up our
is a stable, reliable, predictable scale can help counter this. efforts for a clean, energy-
market-based framework, long- independent Europe.
term investment signals and faster Moreover, we cannot reap the full
permitting. benefits of clean and renewable Let’s make it happen. l

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