Eurelectric, which represents the electricity industry at a European level, has said that the continent needs to develop an energy security strategy based on clean electrification, to reduce dependance on imports and lower exposure to commodity price shocks.
‘Cables in the Baltic repeatedly sabotaged, devastating storms leaving Ireland in the dark, war raging in Ukraine and price shocks caused by Russia’s fuel disruptions: Europe’s energy system is being challenged like never before,’ the group noted.
‘Meanwhile, Europe is decarbonising its economy with clean and renewable power set to meet 60% of final energy use by 2050. As energy needs evolve, so should Europe’s energy security strategy.’
Energy security strategy
It added that the EU’s current energy security strategy dates back to 2014, a time when renewable represented a ‘small fraction’ of the overall energy mix, and many countries still relied heavily on Russian imports.
Today, with renewables set to generate 69% of total power by 2030 and Russian oil and gas gradually being phased out, a new integrated, power-led security approach, is necessary, it notes.
“The recent year has shown us that business-as-usual in Europe is no longer an option,’ commented Eurelectric president and E.ON CEO Leonhard Birnbaum. “With the threats faced by our sector, security of supply is becoming an urgent priority that policymakers and regulators must acknowledge.”
Three-pillar approach:
Eurelectric’s study proposes a three-pillar approach to securing Europe’s power supply, including:
1. A more comprehensive preparedness framework covering the entire energy value chain, infrastructure, and external threats;
2. Investments in 175 GW of new storage technologies and demand-side response solutions by 2030, supported by capacity mechanisms and flexibility support schemes, and;
3. Price signals that reflect system needs and allow consumers to contribute to energy security by adjusting their usage.
“This is not going to be an easy endeavour. Let’s make sure Europe has the right vision for it,” Birnbaum added. Read more here.
