Sunday, July 21, 2024

Industry data reveals the EU’s mix of power is the greenest yet – Offshore Technology

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A large majority of the EU’s energy production so far this year has come from sources free of CO₂ emissions, revealed data from an industry body.

Almost 75% of the EU’s electrical production came from emissions-free sources from January to June 2024, said the trade body, which represents the interests of the European electricity industry.

Of the total figure, 50% came from renewable sources such as wind and solar, and 24% from nuclear, the body said in a public statement released on Monday.

The latest figures are a noticeable increase on the 68% share seen in 2023.

The body said that the main reasons behind this “remarkable result were an unprecedented influx of renewables on the grid, combined with the stabilisation of the nuclear fleet”.

“The pace of change is impressive,” said secretary-general of Eurelectric Kristian Ruby.

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He added that the figures “document that the decarbonisation efforts of electricity companies are years ahead of any other sector”.

The EU constructed 56GW of new solar power capacity in 2023 and 16GW of new wind capacity across the entire region.

However, electricity demand within the bloc has also decreased, making it easier for solar and wind to provide more power.

The move to renewables may also face some financial hurdles over the next few years, as energy investors begin to seek better returns.

Just last week, BP’s CEO, Murray Auchincloss, reportedly initiated a hiring freeze and suspended offshore wind projects, according to sources at the company, as he places the focus on oil and gas to boost revenues.

Auchincloss appears to be bowing to shareholder discontent over the returns available on non-hydrocarbon production and the switch to green energy.

A spokesperson told a UK-based news provider that BP is still committed to becoming an integrated energy company.

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