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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Should l Buy ?
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.
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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.
