This week, low wind generation drove up power prices and underscored the need for reliable backup generation and significant energy storage capacity.
Europe has made huge progress in boosting its renewable energy capacity in recent years. For the first time ever, wind and solar power generation topped the share of electricity provided by fossil fuels in the first half of 2024. Yet, this week, hourly power prices for the peak demand morning and evening hours soared to the highest level since the height of the energy crisis in the autumn of 2022.
Between January and June, the share of wind and solar in the EU's power mix was 30%, compared to 27% for fossil-powered electricity. Power demand in the EU rose by 0.7% in the first half, rebounding from two years of declines during the energy crisis, Ember said, acknowledging that a mild 2023/2024 winter limited the rise in overall power demand.
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