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New Energy World
New Energy World embraces the whole energy industry as it connects and converges to address the decarbonisation challenge. It covers progress being made across the industry, from the dynamics under way to reduce emissions in oil and gas, through improvements to the efficiency of energy conversion and use, to cutting-edge initiatives in renewable and low carbon technologies.
Europe has an urgent need to improve power network infrastructure. Faced with the Russian embargo and other geopolitical issues, there is a call to boost security of supply and build renewable energy capacity. Keith Nuthall reports on a raft of new European Union (EU) mandates.
While energy price rises have started levelling off after steep inflation in 2022, the requirement to boost sustainable electricity capacity in Europe is becoming ever more pressing. There is need for strengthened transmission networks, boosting security of supply against unreliable partners such as Russia, in concert with further reduction of carbon emissions.
This is the conclusion of EU electricity association Eurelectric, which launched a Power Barometer in September 2023, while calling for a ramp up in capacity and transmission investment.
‘Following the unprecedented price spikes and policy interventions in 2022, gas consumption dropped by 19% and millions of consumers shifted to electric heating systems. Power prices also improved. Wholesale electricity prices have stabilised, going from an average of €227/MWh in 2022 to €100/MWh this year, with retail prices following suit,’ said Eurelectric.