Making EU Electrification Smart and Fair
As conflict in Iran disrupted global oil and gas supplies, the gas price volatility from this disruption added roughly EUR 13 billion to the EU’s wholesale electricity bill, and this could have been much higher. Fortunately, renewable electricity accounted for around 44% of EU generation, which the EEA estimates has saved the EU approximately €29 billion. To fulfill its potential, electrification needs to form part of a smart and resilient energy system, ensuring renewable electricity can flow where and when it is needed. Achieving this will require scaling up investment in modernising grid networks and relying on an array of flexible options and technology such as energy storage, interconnectors and smart meters for demand-side flexibility.
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