In July, the European Commission set out a plan to make Europe the first “electro continent,” raising electricity’s share of final energy consumption from 23% to 46% by 2040. The target would double that share, with Brussels aiming to supply as much of the electricity as possible from wind and solar. The plan is intended in part to reduce reliance on imported energy, including supplies from countries the EU considers adversaries or those affected by war.
The price spike followed a lull in wind generation. Bloomberg reported that wind and solar output were expected to stay low across northwest and central Europe through Wednesday as a slow-moving weather front brought still, cloudy conditions to major power markets. The article argues that recurring winter declines in wind and solar output complicate plans to rely on those sources, particularly when electricity demand rises.
Electrification proposals include more electric cars, replacing gas heating with heat pumps, and expanding renewable power. But meeting higher electricity demand would also require grid investment: estimates cited in the article put the cost of upgrades at more than half a trillion euros by 2030. The article says practical progress remains limited, in part because of the expense.
Europe also enters winter with its lowest natural gas stockpile on record, according to the article. Analyst John Kemp has warned that stocks could fall to a critical low before winter ends, even if temperatures are milder than feared. During seasonal shortfalls in wind and solar, countries with large renewable fleets have to rely more on hydrocarbons or imports from neighbors, including those with nuclear power.
The article argues that electrification could help energy security, but questions tying that goal so closely to wind and solar. It points to Germany’s signal that it is ready to develop natural gas resources in the North Sea as an example of domestic supply options that could also be considered.
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