Europe is again facing the consequences of its dependence on imported fossil fuels, with €24 billion in additional energy import costs following recent geopolitical tensions in the Middle East. In response, the European Commission has launched AccelerateEU, a package designed to deliver immediate relief to households and industry, particularly the most vulnerable, while steering Europe towards energy independence and clean, domestic energy.
The smarter E Europe spotlights 24/7 renewables
AccelerateEU aims to prioritise the transition to clean energy, supported by an Electrification Action Plan and measures to remove barriers across industry, transport and buildings. The Sustainable Transport Investment Plan will accelerate the uptake of sustainable aviation fuels. Grid modernisation is identified as a central requirement, alongside enforcement of existing legislation, swift conclusion of negotiations on the European Grids Package, and expansion of renewable infrastructure such as wind and hydropower. A legislative proposal on network charges and taxation will ensure electricity is taxed less than fossil fuels.
Investment is identified as a central requirement, but public funding alone will not cover the estimated €660 billion in annual investment needed until 2030. The Commission’s Clean Energy Investment Strategy and upcoming Clean Energy Investment Summit aim to mobilise private capital by bringing together financial actors, industrial leaders, project developers and public financiers.
SolarPower Europe welcomes lower electricity taxation
Dries Acke, Deputy CEO of SolarPower Europe, welcomes the focus on renewable electrification, calling it “the most effective way for Europe to cut its fossil fuel import dependence.” He supports an EU-wide electrification target and backing via the Industrial Decarbonisation Bank, along with lower electricity taxation. Acke also stresses the need to scale battery storage to 200 GW by 2030, noting, “Battery energy storage will be the main driver of this scale-up, enabling an electricity system that is both secure and competitive.”
Kristian Ruby: “We must accelerate electrification in all sectors”
He also criticises the lack of concrete measures to expand storage and non-fossil flexibility, which are essential to reduce the impact of international gas prices, and calls for a market-driven investment boost. Achieving the energy transition, he says, means “pairing ambition with financing tools that make it future-proof.” Energy Storage Europe also responded positively, stating that the plan would send a clear signal that Europe’s future competitiveness depends on energy storage. (hcn)
