Monday, October 2 2023 Sign In   |    Register

News Quick Search



Front Page
Power News
Today's News
Yesterday's News
Week of Oct 02
Week of Sep 25
Week of Sep 18
Week of Sep 11
Week of Sep 04
By Topic
By News Partner
Gas News
News Customization


Pro Plus(+)

Add on products to your professional subscription.
  • Energy Archive News

    Home > News > Power News > News Article

    Share by Email E-mail Printer Friendly Print

    EU expected to add 60 GW of solar, wind in 2023

    June 1, 2023 - SeeNews Renewables


      June 1 (Renewables Now) - Around 60 GW of solar and wind power capacity is set to be brought online in the EU this year, contributing to achieving some EUR 100 billion (USD 106.9bn) in savings since the beginning of the energy crisis in 2021.

      The new deployments will further reduce the bloc’s dependence on Russia and boost fossil fuel displacement to almost 20%, the International Energy Agency (IEA) said in its latest report on Thursday.

      The fresh capacity will add to some 90 GW of wind and photovoltaic (PV) parks that were commissioned in 2021-2022 and helped to displace almost 10% of hard coal and natural gas generation. Over the 2021-2023 period, solar and wind energy is set to displace an estimated 230 TWh of expensive fossil fuel generation.

      According to a modelled scenario by IEA, without the renewable energy capacity installed in 2021-2023, the average wholesale electricity prices in the EU would have been 3% higher in 2021 and 8% higher in 2022, while the percentage ticks to 15% for 2023.

      Still, an accelerated case forecast shows savings could have been about 15% higher if capacity had been installed at a faster pace, under quicker policy implementation, IEA noted.

      On a global level, IEA forecasts that renewable energy deployment will rise by a record 107 GW to 440 GW in 2023. The supportive policies, along with improved auction mechanisms, increased fossil fuel prices, and energy security concerns are the major drivers for the market boom. By 2024, wind and solar alone are anticipated to make up more than 40% of annual electricity generation in several countries in Europe, including Spain, Germany and Ireland.

      (EUR 1.0 = USD 1.069)


    Other Articles - International


       Home  -  Feedback  -  Contact Us  -  Safe Sender  -  About Energy Central   
    Copyright © 1996-2023 by CyberTech, Inc. All rights reserved.
    Energy Central® and Energy Central Professional® are registered trademarks of CyberTech, Incorporated. Data and information is provided for informational purposes only, and is not intended for trading purposes. CyberTech does not warrant that the information or services of Energy Central will meet any specific requirements; nor will it be error free or uninterrupted; nor shall CyberTech be liable for any indirect, incidental or consequential damages (including lost data, information or profits) sustained or incurred in connection with the use of, operation of, or inability to use Energy Central. Other terms of use may apply. Membership information is confidential and subject to our privacy agreement.