The ongoing transition in the energy sector has propelled innovation in the power sector to the fore. It has been estimated that accelerated innovation in power supply technologies and business models for energy efficiency will be worth €70 billion to the EU economy by 2030. Additional benefits are also expected in energy security, lower system costs, and consumer convenience.
Innovation represents an important part European power companies’ budgets, in spite of the current economic difficulties of the sector. The total R&D expenditure of 13 major European utilities reached €1.4 billion in 2014.