Europe needs to double investments in power grids by 2050: study

  • World
  • Thursday, 23 May 2024

ATHENS, May 22 (Xinhua) -- European countries need to double their investments in power distribution grids by 2050 or risk missing emissions targets set out by the European Green Deal, according to a study released here on Wednesday.

Distribution grid investments should increase from an average 33 billion euros (35.78 billion U.S. dollars) to 67 billion euros per year from 2025 to 2050. This amount is roughly 20 percent of what the EU spent on fossil fuel imports in 2023, the results of a study published by the Eurelectric showed.

The Eurelectric, the federation of the European electricity industry, represents more than 3,500 European utilities active in power generation, distribution and supply across the continent. On the opening day of a forum held here, the federation presented the "Grids for Speed" study, detailing investment needs for the sector.

Europe's distribution grids need to be modernized to enable electrification of transport, heating and industry and to integrate renewables. By increasing investments in grids, Europeans will significantly reduce fossil fuel imports, create millions of jobs, save energy, and accelerate the decarbonization of Europe's economy, according to the study.

"For a successful energy transition the EU needs massive amounts of additional grid capacity, the cost of not investing is even higher," said Eurelectric President Leonhard Birnbaum. (1 euro = 1.08 U.S. dollar)

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