The European Investment Bank (EIB) and Naturgy have signed a €1 billion loan agreement to fund new solar energy and onshore wind power stations in Spain, as well as to modernise and convert existing facilities into hybrid plants. An initial tranche of €400 million was signed, with the project expected to increase Spain’s renewable energy capacity by 2.3 GW.
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New analysis suggests that much of Europe’s anticipated electricity demand growth may not materialize, with important implications for the energy transition and industrial competitiveness. Rising uncertainty surrounding future electricity demand could affect Europe’s energy transition and power infrastructure investment plans. Governments and system operators have projected that power demand in major European countries could increase by as much as 7 percent per year to 2030 after two decades of relative stagnation.
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Europe’s cumulative renewable capacity is forecast to increase 700 GW (78%), from 894 GW in 2023 to almost 1 600 GW by 2030. The majority (70%) of the expansion is concentrated in just seven countries, led by Germany, followed by the United Kingdom, Italy, Türkiye, France, Spain and the Netherlands. Solar PV makes up the largest share by far, at almost 70% of the region’s capacity growth during 2024-2030. Over the forecast period, 478 GW of solar PV is forecast to come online, more than three times onshore wind and eight times more than offshore. The European Union is on track to fulfill its 2030 ambitions for solar PV, but more effort is needed for wind
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In the EU, key policy tools include the integration of low-carbon fuels for aircraft and ships via the RefuelEU Aviation and FuelEU Maritime Regulations, as part of the Renewable Energy Directive, and the inclusion of aviation and maritime transportation in the Emission Trading Scheme (ETS). The 2023 ETS reform expanded its scope to cover 50% of voyages to/from EU ports.
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Based on the European Commission’s Impact Assessment drafted ahead of the launch of the Fit-for-55 Package, to achieve 40% renewable energy by 2030 it was estimated that the EU would need 453 GW of wind energy capacity (374 GW onshore and 79 GW offshore wind). According to the Commission’s assessments made after the publication of the REPowerEU plan, increasing the renewable energy target to 45% by 2030 would mean a revised ambition of 510 GW of total wind energy (an additional 57 GW).
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Europe’s energy landscape has unquestionably and fundamentally shifted in recent years, but policy discussions may lag behind that new reality. Final negotiations on the EU’s renewable energy target for 2030 are officially scheduled to take place at the trilogue discussions in March 2023. The European Commission and Parliament stand in favour of upping the ambition from 40% to 45% but a blocking minority of Council members are digging in their heels.
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This briefing lays out CAN Europe’s vision and preliminary proposals for the reform of the internal electricity market design (EMD) on the table. It analyses the Commission’s consultation paper and questions, through the lens of CAN Europe’s three main objectives: A Paris-agreement-compatible energy transition to achieve 100% renewables, coupled with maximum energy savings, by 2040; strong, resilient and flexible markets; affordable energy for all and just transformation.
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Although the use of renewable energy does increase in all three of these sectors by 2027 in the main-case forecast, in none of them are levels consistent with the REPowerEU plan. Should government and industry overcome deployment challenges in the electricity, transport and heating and cooling sectors, REPowerEU goals appear to be within reach, at least in terms of renewable energy.
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An IMF paper estimates that the recent surge in international fossil fuel prices will raise European households’ cost of living in 2022 by close to 7 percent of consumption on average. Household burdens vary significantly across and within countries, but in most cases they are regressive. Policymakers have mostly responded to the shock with broad-based price-suppressing measures, including subsidies, tax reductions, and price controls.
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While the draft REPowerEU strategy identifies environmental regulation as the main obstacle to the uptake and upscale of renewables in Europe, the real bottlenecks proved to lie elsewhere. European Environmental Bureau analyses in this policy briefing what are the real top 10 barriers to renewable energy, which are related to lack of skilled professionals, grid connections and resource allocation.
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