Renewable energy and electricity market design: key findings from a new report
- Category: Blogs
- Published: 30 June 2017
A recently published study by energy consultancies Ecofys and TÜ Wien, commissioned by EREF, the European Federation of Renewable Energies Producers, derives national target benchmarks for a more ambitious EU renewables target and analyses the positive effect of increased energy efficiency on the effort required to meet the 2030 renewables target.
The report states the following key findings:
Higher energy efficiency facilitates more ambitious renewable energy targets. An increase of the EU energy efficiency target to 40% by 2030 would help to achieve the EU renewable energy target.
An EU renewable energy target of 27% could drastically slow down current levels of renewable energy expansion in the EU-28.
A 35% renewables target at EU level by 2030 would be needed to just maintain current net deployment increase of renewables in the EU-28 if the EU energy efficiency target is set at a 40% level.
Only a 45% renewables target at EU level by 2030 would imply a strong increase in renewables deployment compared to 2010-2020.
CAN Europe believes that an at least 45% renewable energy target by 2030 is the minimum that would be consistent with the potentials, the Paris Agreement and the need to move to an energy system based on the efficient use of 100% renewable energy by 2050.
A CAN Europe infographic shows the multiple benefits of raising the EU 2030 renewable energy target from a mere 27% to at least 45%:
5 times more money saved on fossil fuel imports
6 times more additional full-time jobs in the domestic renewable energy sector
7 times more avoided premature deaths due to better air quality
Last, but not least, each 1% increase in the renewables’ share of the electricity market reduces wholesale prices by approx. 1% on average in the EU.
By Jean-François Fauconnier