Europe can cut its power sector gas consumption in half, reduce energy costs by EUR 323 billion and increase energy independence by 2030 if it rapidly scales up its renewable capacity, according to a new report from Wärtsilä.
The ambitious approach modelled in the report would see renewable energy share in electricity generation increase from around 33% today to over 60% by 2030. This approach could cut annual power sector gas usage by 52% across the continent by 2030.
The report, Europe’s Energy Future, demonstrates how accelerating renewables could also help solve the immediate energy crisis. The modelling of 33 European countries, including 27 EU member states, plus UK, Norway, Switzerland and the Balkans, shows that if renewables are scaled up to 50% of the capacity mix by 2025 then Europe could save EUR 98 billion in energy costs.
Wärtsilä modelled two scenarios for Europe’s energy transition over the coming decade. The baseline scenario, based on the IEA’s Renewables 2021 statistics shows European countries adding 40GW of new renewables capacity every year until 2030 (i.e. the level of deployment currently seen in Europe). This would achieve a 50% share of renewable power by 2030. The ambitious scenario would see double the level of renewables added - 80GW per year, to reach 61% renewable power by 2030.
To provide baseload power, wind & solar must be deployed alongside balancing technologies, such as energy storage and future-proof balancing engines capable of running on sustainable fuels.
