Eurelectric’s latest data shows that the EU had 48% of its power generation mix coming from renewable energy
A big chunk of it came from solar and hydro power both of which increased their share in the electricity mix by over 40 TWh YoY
The association demands industrial electrification through the Clean Industrial Deal to further decarbonize the bloc
Renewable energy accounted for 48% of the European Union’s (EU) power generation mix in 2024 with fossil fuels at 28% and nuclear energy at 24%, making it the lowest share of fossil fuels ever in the bloc to date, according to the latest data released by Eurelectric.
Electricity from hydro and solar PV increased by more than 40 TWh year-on-year (YoY), corresponding to half of the annual power demand in Belgium and the whole annual demand in Denmark. Solar PV contributed 236.52 TWh in 2023 to the EU mix, and increased it to 281.09 TWh in 2024.
The bloc also closed the year with lower electricity prices on average with €82/MWh, compared to €97/MWh in 2023.
“Eurelectric’s data proves once again that investing in higher renewable generation is the right path for a more competitive and decarbonised economy, but it must be complemented by more firm and flexible capacity to balance their variability, limit reliance on costly fossil fuels and contain price spikes,” said Eurelectric Policy Director Cillian O’Donoghue.
The electricity industry association in the EU, Eurelectric calls 2024 a year of records as the bloc achieved the cleanest power generation mix ever, with emissions dropping 59% from 1990 levels and 13% from 2023, thanks to the high share of renewables. At the same time, negative prices occurred 1,480 times which was another record.
However, the downside was that lower industrial consumption ensured that the power demand did not pick up since the energy crisis. It grew by less than 2% in 2024 compared to 2023. It remains lower than the pre-crisis levels.
Eurelectric recommends the European Commission focus on the Clean Industrial Deal to provide new incentives for industrial electrification by creating an electrification bank, electrification accelerated areas and de-risking mechanisms for long-term power purchase agreements (PPA).
“Electrification remains the low-hanging fruit to decarbonise the EU. The more you electrify your energy applications the easier you decarbonise, but demand for electricity is not where it should be today,” added O’Donoghue.
In its Power Barometer 2024 report, Eurelectric said that 3/4th of the electricity generated in the EU in H1 2024 was sourced from clean energy as renewables increase their share from 30% to 50% (see EU Power Barometer 2024 Shows Clean Energy Progress But Loads of Challenges).
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