European power companies’ warnings
The European electricity industry on Wednesday sent a call to policy makers from Athens, both nationally and at European level, to ensure investments in the networks to be able to meet the goals of the energy transition.
From the stage of Eurelectric’s annual conference “Power Summit 2024,” held for the first time in Athens and hosted by Public Power Corporation (PPC), the electricity companies warned of the “urgent need to modernize the electricity distribution networks, so that the electrification of transport becomes possible, of heating and industry, to integrate renewable energy sources and to withstand more frequent bad weather conditions and cyber threats.”
According to the “Grids for Speed” survey, investment in the European grid should increase from 3 billion euros per year on average to €67 billion per year from 2025 to 2050, corresponding to around 20% of EU spending for fossil fuel imports. A possible lack of investment would jeopardize 74% of future connections to key decarbonization technologies such as electric vehicles, heat pumps and renewables.
According to the research, by 2050, electricity will make up 60% of total energy use compared to 23% today. Renewable energy capacity will have increased sixfold by then compared to 2020.
