Renewable Energy Now Makes Up Largest Share of EU’s Electrical Power
Renewable energy sources now constitute the largest share of EU’s electricity generation, overtaking fossil fuels for the first time in history. In a new report released this week, energy think-tank Ember revealed that 13 of EU’s member states generated more electricity from wind and solar in the first six months of 2024.
During the period under review, wind and solar generated 30 percent of EU’s electricity, compared to 27 percent from fossil fuels. Almost half of the bloc’s growth in wind generation came from two countries: Germany adding 5.5 TWh, representing a rise of 8.4 percent, and Netherland’s 4.6 TWh, a growth of 35 percent year on year.
The Netherlands made a huge milestone in wind power generation last year with the commissioning of the 1.5 GW Hollandse Kust Zuid offshore wind farm.
“The first half of the year shows fossil generation’s narrowing role in the power sector, and gains for renewables that are beyond temporary variations in conditions. If member states can keep up momentum on wind and solar deployment then freedom from fossil power reliance will truly start to come into view,” said Ember analyst Chris Rosslowe.
Partly, this momentum in EU’s renewable energy production hints at the success of the REPowerEU policy, which was launched in 2022. Under the package, the EU sought to speed up and scale up renewable energy, setting the target at 45 percent of the total electricity generation by 2030. Offshore wind represents a significant portion of the REPowerEU target.
According to industry group WindEurope, 2023 was a record year for building of new wind farms and a rebound in investments in the sector. During the year, funding in European offshore wind jumped to $32 billion, up from $0.4 billion invested in 2022. This year is also projected to be big on offshore wind auctions, with European nations expected to undertake 50 GW of new capacity.
Meanwhile, the UK has announced a historical budget funding of $1.9 billion to deliver homegrown clean energy projects. This includes $1.4 billion for the offshore wind industry, which the UK regards as the backbone of the country’s clean energy transition. The industry players will bid for a share of the funding during the upcoming Allocation Round 6 (AR6) of the Contracts for Difference (CfD). The scheme provides developers with initial subsidies for clean electricity projects across Britain.