Germany's power sector faces challenges as demand falls and traditional power sources decline, but the rapid growth of renewable energy offers a promising long-term outlook.
Germany ’s power market is in the midst of a significant transition. Demand continues to fall despite normalizing prices, and retired coal and nuclear capacity mean the European giant is now heavily reliant on imports from its neighbors. But it’s not all bad news for the sector. Rystad Energy projections show Germany will surpass its policy goal of 80% renewable energy generation by 2030, largely thanks to the rapid capacity build-up of solar and wind.
At the beginning of 2024, many market observers expected an eventual upswing in German – and continental European – power demand after two years of significant decline. With close to two-thirds of the year now completed, it is unlikely there will be a considerable demand recovery for Germany this year. Net on-grid power demand in Germany has declined by about 0.7% this year and is now a massive 8.1% behind the level from 2021.
Power Sector Renewable Energy Energy Transition Solar Power Wind Power Coal Power Nuclear Power Energy Imports Power Prices
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