Page 132 - RusRPTNov23

9.1.10 Utilities & Renewables sector news
If Europe invests €2T in RES, it could become energy self-sufficient. By investing in solar, wind, and other renewable sources, Europe could abandon fossil fuels and create a self-sustaining energy sector by 2040. To achieve this goal, the continent will need an annual investment of €140B by 2030 and €100B per year for the next ten years. "These figures are significant, but it is important to remember that European countries spent an additional €792B last year to protect consumers from the consequences of the energy crisis caused by the Russian invasion of Ukraine," Reuterswrote. Last month, European lawmakers finalized legally binding targets for a faster expansion of renewable energy this decade, a central part of Europe's plans to curb climate change and move away from fossil fuels. The law raises the EU's renewable energy targets, requiring 42.5% of the EU's energy to be renewable by 2030, replacing the previous target of 32%.
In the OECD, total net electricity production amounted to 980.6 TWh in July 2023, marginally down by 0.9% compared to the same month last year.
Electricity production from fossil fuels totaled 523.0 TWh in July 2023, down by 4.3% or 23.5 TWh compared to July 2022. This decrease was mainly driven by a sharp decline in electricity output from coal (-12.6% y-o-y), while natural gas remained relatively unchanged compared to previous year’s levels (+0.2% y-o-y). Although lower electricity generation from coal was registered in all OECD regions, the most significant drop was observed in OECD Europe (-30.2% y-o-y). Overall, the share of fossil fuels in the OECD electricity mix settled at 53.3%, approximately two percentage points lower than in July 2022.
Total electricity production from renewable sources grew by 2.2% y-o-y reaching 304.8 TWh in July 2023, with solar power confirming its strong momentum (+15.8% y-o-y), followed by wind power (+6.0% y-o-y). These two renewable technologies offset reduced output from hydropower (-4.8% y-o-y), mainly due to significantly lower hydropower generation in the OECD Americas (-13.9% y-o-y). Renewables accounted for 31.1% of total OECD electricity production, up by one percentage point compared to July 2022.
Nuclear electricity production totaled 150.1 TWh in July 2023, marking a 5.6% increase or 7.8 TWh more year-on-year, with higher generation being observed in all OECD regions. The share of nuclear power in the OECD electricity mix settled at 15.3%, one percentage point higher than in July 2022.
132 RUSSIA Country Report November 2023 www.intellinews.com