EU Eyes 2040 Electrification Target to Slash Oil and Gas Dependence
EU Eyes 2040 Electrification Target to Slash Oil and Gas Dependence Colombia's declining natural gas production,… The European Commission is set to unveil next week an electrification target for 2040 in a bid to reduce the need for fossil fuels and strengthen the renewable energy sector in the EU, according to a draft proposal seen byBloomberg News.
The Commission, the EU’s legislative arm, is expected to propose on July 17 a target for the share of electrification, still unspecified, as part of the energy consumption in the bloc by 2040.
“With decisive action at all levels, Europe can become the first electro-continent,” the European Commission said in the document seen by Bloomberg News.
“This profound transformation will require investments and lead to savings and benefits well beyond the energy system, from clean tech manufacturers to the installation sector, from more modern and competitive industries to emissions and pollution reduction in European cities.” Higher electrification rates could help the EU replace two-thirds of its gas consumption and halve its oil consumption, according to provisional EC estimates in the draft proposal.
The expected decline in fossil fuel consumption could reduce the bloc’s energy import bill by a total of $228 billion (200 billion euros), the EC reckons.
The EU’s current electrification rate is about 23% and has been stagnant at around this number for nearly a decade.
At the same time, countries like China, Japan, and South Korea have exceeded a 30% electrification rate.
The EU currently has an implicit electrification rate target of 32.5% by 2030, according to estimates by clean energy think tankEmberbased on the individual National Energy and Climate Plans.
The EU Electrification Action Plan, expected next week, would contain an “ambitious electrification target,” European Commission President Ursula von der Leyen said earlier this year.
The electrification target is expected to be expressed as a yet-to-be-defined percentage share of energy consumption by 2040, according to the draft document seen by Bloomberg News.
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| Product | Price | Change |
|---|---|---|
| Brent Crude | $102.14/bbl | +0.34% |
| WTI Crude | $96.90/bbl | +0.21% |
| EN590 Diesel | $846/MT | +0.18% |
| Jet Fuel A-1 | $1090/MT | +0.55% |
| Mazut M100 | $450/MT | -0.15% |
| Bitumen 60/70 | $470/MT | +0.08% |
| Sulphur Gran 99.5% | $470/MT | -0.44% |
| Urea 46% Gran | $650/MT | +1.12% |
| NPK 16-16-16 | $460/MT | -0.28% |
| Nat Gas TTF | $15.42/MMBtu | +0.92% |
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