The European Commission has released its latest State of the Energy Union report, revealing that despite a tumultuous year, the European Union has made notable strides towards climate neutrality.
The EU has confronted significant obstacles, including efforts to reduce reliance on Russian gas and stabilize market prices while pursuing ambitious decarbonization goals. Nonetheless, the report underscores meaningful advancements in the energy sector.
Wind power has surpassed gas to become the EU’s second-largest source of electricity, trailing only nuclear power. By mid-2024, renewable energy sources accounted for 50% of the EU’s electricity generation.
Imports of Russian gas have sharply decreased from 45% in 2021 to just 18% by June 2024. During this period, overall gas demand has dropped by 138 billion cubic meters, reflecting a significant reduction in dependency.
Additionally, the synchronization of Ukrainian and Moldovan power grids with the European network has bolstered Ukraine’s electricity system, with commercial electricity exchange capacity now reaching 1.7GW.
Energy prices have also stabilized, remaining below the peak levels witnessed in 2022, indicating progress in managing market volatility and supporting energy security.
Related topics:
