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POWER: EU Power Emissions Drops 59% in 2024, Demand Remains Weak

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The EU power sector saw a 59% reduction in emissions compared to 1990, driven by increased renewable energy use, while power demand remained low, primarily due to weak industrial consumption, data from Eurelectric show.

  • In 2024, renewables contributed 48% to the EU's power generation, nuclear 24%, and fossil fuels only 28%, the lowest ever share of fossil fuels.
  • Electricity demand grew less than 2% compared to 2023, but was still below pre-crisis levels, with industrial slowdowns accounting for over half of the decline. Industrial power use in Germany dropped 13% compared to 2021.
  • The average EU day-ahead wholesale electricity price fell by 16% compared to 2023, despite notable exceptions in the last quarter due to rising gas prices, high winter demand, and limited wind and solar output.
  • Negative electricity prices hit a new high, occurring 1,480 times during the year.

  • Additionally, Eurelectric advocates for the Clean Industrial Deal to create incentives for industrial electrification, including an electrification bank and de-risking mechanisms for long-term power purchase agreements.





     

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The EU power sector saw a 59% reduction in emissions compared to 1990, driven by increased renewable energy use, while power demand remained low, primarily due to weak industrial consumption, data from Eurelectric show.

  • In 2024, renewables contributed 48% to the EU's power generation, nuclear 24%, and fossil fuels only 28%, the lowest ever share of fossil fuels.
  • Electricity demand grew less than 2% compared to 2023, but was still below pre-crisis levels, with industrial slowdowns accounting for over half of the decline. Industrial power use in Germany dropped 13% compared to 2021.
  • The average EU day-ahead wholesale electricity price fell by 16% compared to 2023, despite notable exceptions in the last quarter due to rising gas prices, high winter demand, and limited wind and solar output.
  • Negative electricity prices hit a new high, occurring 1,480 times during the year.

  • Additionally, Eurelectric advocates for the Clean Industrial Deal to create incentives for industrial electrification, including an electrification bank and de-risking mechanisms for long-term power purchase agreements.





     

    image