Eurelectric said high gas prices and Russia’s invasion of Ukraine are driving energy prices to historic levels in Europe and contributing to a year-on-year EU energy price inflation of 40 percent.
Jean-Bernard Levy, Eurelectric’s President said: “We must accelerate the electrification of our economy to regain our independence, enhance energy security and fight climate change.”
Eurelectric represents the interests of the European electricity industry.
The power sector is heading towards having 85 percent of EU electricity carbon-neutral by 2030. Additions of renewable capacities are not enough to install anywhere between 550 GW and 1268 GW (RePowerEU) of green energy. Fast-tracked permitting for renewables and a skilled workforce are essential to ensuring this transition.
Electrification is the optimal solution to tackle the energy and climate crises. It is essential to fast-forward stagnating electrification rates and bolster the deployment of heat pumps, electrolysers, smart charging infrastructure and storage solutions.
Nearly €1200 billion investment is needed by 2030 to install the necessary clean energy capacity and ensure that grids can optimally support a carbon-neutral, decentralised and electric future. Distortive wholesale market interventions retail price caps deter investment in the energy transition and harm security of supply.
In times of high energy prices and volatility for consumers, it is essential to properly address the question of energy affordability for customers, speed up energy efficiency measures and ensure the social acceptance of the energy transition.