According to Eurelectric’s 2024 data, the increase in renewable energy sources reduced emissions in Europe by 59%, enabling the EU to achieve its cleanest ever energy production. The share of renewables in power generation rose to 48%, while the share of fossil fuels fell to 28%. Nuclear power remained at 24%.
In 2024, wholesale electricity prices in Europe fell by 16% compared to 2023, to €82 per MWh. However, the desired increase in electricity demand could not be achieved due to low industrial consumption.
Wind power overtook natural gas, while hydroelectric and solar generation increased by 40 TWh. This is equivalent to half of Belgium’s annual energy demand. Eurelectric Policy Director Cillian O’Donoghue stressed that electrification is critical for decarbonization and that more incentives to industry are needed.
The data highlights the importance of increasing the resilience of the energy system and reducing fossil fuel dependency. 2024 was noted as a turning point in Europe’s energy transition; renewables, industry and electrification need to be supported for the transformation to be sustainable.