There was a report that electricity consumption within the European Union (EU) has decreased.
The European Electricity Association (Eurelectric) announced on the third (local time) that electricity demand decreased by 7.3% from 2022 to 2023.
To make sure a stable energy supply, clean energy conversion and electrification are needed. To this end, British think tank EMBER proposed the expansion and modernization of power grid infrastructure as an answer within the European power grid policy framework last September. Moreover, the EU has invested 584 billion euros (roughly 859 trillion won) to digitize the ability grid and construct a wise grid starting in 2022.
Nonetheless, over the past 10 years, electricity accounted for less than 23% of energy consumption in Europe. The causes were cited as industrial shutdowns attributable to the energy crisis, overseas relocation, and unstable power rates.
Evaluation shows that about one-third of the energy consumed in industry is electricity, and only 4% of the high-carbon emissions treatment process has been electrified.
Price volatility was identified as a significant problem. Last August, electricity prices fell within the EU for 1,031 hours, forcing power generation firms to take losses. This occurred during a time when solar energy generation was at its peak, and eventually supply exceeded demand.
Christian Ruby, Secretary-General of the European Electricity Association, said, “Electrification is the missing link between green transition and maintaining competitiveness,” and urged the establishment of an electrification technique to promote decarbonization to extend the competitiveness of the industry.
Reporter Jaeseung Lee energy@aitimes.com
