EU's power mix in 2024 the greenest yet, industry data show
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Jun 30 2024
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Source: reuters
- Greenest Power Mix in the EU: 74% of the EU's electricity generated by CO2 emissions-free sources in 2023, with renewables like wind and solar contributing 50% and nuclear 24%.
- Decrease in Fossil Fuel Usage: Coal produced only 9% and gas 13% of EU electricity, the lowest shares for each fossil fuel to date.
- Renewable Energy Growth: Europe saw rapid installation of renewable energy capacity, with 56GW of new solar power and 16GW of new wind capacity added in 2023.
- Reduced Electricity Demand: EU power demand was 5.8% lower in the first half of 2023 compared to the same period in 2021.
- Challenges and Recommendations: Aging power grids are struggling to cope with the changing energy mix, urging policymakers to invest in upgrading grids and adding storage capacity.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
