EU Seeks Higher Electricity Share by 2040, Reuters Reports

The European Commission is proposing to increase the share of electricity in the EU's final energy consumption from the current 23% to 46% by 2040. This is according to a proposal that, according to Reuters, is set to be published on Friday, 17 July. The document is not yet final and remains under internal discussion.

The measure is part of a strategy to reduce the EU's dependence on oil and natural gas imports following the rise in energy prices caused by the war with Iran.

Achieving this goal will require a large-scale expansion of electric mobility, the replacement of gas boilers with heat pumps, the electrification of industry and the modernization of outdated power grids.

Investments will run into the hundreds of billions of euros. The European Commission estimates that increased electrification could reduce the EU's spending on fossil fuel imports by up to €260bn ($298bn) annually by 2040.

(Reuters, mja)