Carbon-neutral electricity can bring EU to a deep 95% economy-wide decarbonisation by 2050 in line with the Paris Agreement. To get there electricity must triple in final energy consumption to reach +60% (63% transport & heating, 50% industry).
Full decarbonisation of power sector can happen by 2045, with 80% electricity generated from RES. It requires €89-111bn investment in wind & solar but also massive developments in transmission grids (+63% GW) & flexibility solutions.
Thanks to massive cost reductions in RES, the bulk of emission cuts can now be achieved at a cost of €18-64/tCO2. By 2045, wholesale power prices are estimated to €70-75/MWh, a significantly lower level than previously assumed.
“We are fully committed to full decarbonisation of the remaining fossil fuels in Sweden and at the same time we are ready to respond to an increased electricity demand due to electrification.”
“At Viesgo, we are committed to renewable and sustainable generation, as well as to the distribution business as a key lever in the energy transition process. We want to play a relevant role in the new challenges of decarbonisation and electrification, finding responsible solutions that will allow a flexible integration of clean energy and ensure security of supply.”
“Electrification will play a key role in fulfilling decarbonisation targets and Iberdrola is fully committed to contribute to it. We have invested close to €100 billion in renewable energy, grids and energy storage in the last 20 years, and we want to go further, investing €32.5 billion up to 2022.”
“Newly built offshore wind power is now cheaper than black energy. The Eurelectric report convincingly demonstrates that Ørsted’s vision to create a world that runs entirely on green energy is within reach.”
“The transition to electrification and decarbonisation is without an alternative (unrivalled), but it should be fair! This is an especially sensitive topic for countries with a high share of coal power generation and low GDP.”
“Decarbonisation makes sense for an island such as Ireland that is reliant on imported fuels but also has the second highest penetration of wind in Europe. While there is no roadmap that we can copy, the Eurelectric study on Europe’s electrification potential provides a path and a direction towards our vision of a decarbonised future powered by electricity.”
“BDEW welcomes the three pathways elaborated in the Eurelectric study for achieving a CO2 neutral energy supply. The study demonstrates the great importance of existing low-carbon assets and the future potential for sector convergence.”
“We are not on a journey into the unknown. The road to a new energy world has two main stopovers: electrification and decarbonisation!”
“The study clearly demonstrates that the EU electricity sector is well on track as far as GHG emission reduction in Europe is concerned. A strong increase in renewables backed by conventional plants and emerging technologies is how we will contribute to a sustainable society.”
“Axpo is able to make a substantial contribution to a carbon free electricity supply. With our renewable and carbon free power generation park solutions. And as a leading player in managing renewable capacity throughout Europe.”
“We are committed to take our share of responsibility in pursuing the goal of carbon neutrality and have set nuclear energy and renewables as the two pillars of our electricity mix. We at EDF translate this vision into tangible goals, as milestones which are consistent with it: reducing our direct emissions under 40g/kWh by 2030, building 30 GW of solar capacity by 2035 in France, building 10 GW of global storage capacity by 2035.”
“Against the background of ambitious climate change reduction targets set at national and international levels, immediate action and strategy is needed. Together with strategic partners, VERBUND deploys innovative projects to decarbonise processes across sectors. Local battery storage systems such as the VERBUND’s SYNERG-E project play a key role in overcoming grid constraints and developing new business models on the market.”
“Vattenfall has embarked on an ambitious journey to become fossil-free within one generation. As shown in the new Eurelectric study, there are paths to deliver a completely CO2 neutral power supply in Europe well before 2050 in an affordable manner, while at the same time significantly growing the demand for fossil-free electricity as an effective means to reduce CO2 emissions in other sectors such as transport and industry.”
“It is our core mission to lead the energy transition in our region. That means providing customers with centralised and distributed renewable energy, promoting energy efficiency and offering energy-related services at their home or workplace, while addressing their mobility needs with reliable e-mobility infrastructure. Decarbonisation is of prime importance in all these endeavours, with the aim to mitigate global warming and hence render the energy production and use sustainable.”
