EMC Working Papers

1. Introduction

The European Union (EU) is navigating a transformative period in its energy landscape, driven by the urgent necessity to tackle climate change and ensure sustainable energy security. As the world increasingly recognizes the dangers of climate disruption, the EU has positioned itself at the forefront of global efforts to reduce carbon emissions and foster a clean energy transition. In line with the ambitious European Green Deal, which aims to make Europe the first climate-neutral continent by 2050, the EU has set a bold target: achieving at least 42.5% renewable energy consumption by 2030, with aspirations to reach 45% [1]. Here's a concise summary of the current and upcoming trends in renewable energy demand and requirements across Europe. One of the upcoming requirements for Europe is the need to address seasonal variations in renewable energy production. Renewable sources, such as wind and solar, are inherently intermittent, leading to fluctuations in energy supply. This intermittency poses challenges to grid stability and energy security, especially during periods of low wind or solar generation. Converting offshore wind energy into hydrogen for storage can provide a flexible and reliable solution for energy supply, especially during periods when wind production is low or when demand peaks. Conveying current trends of renewable energy demand and upcoming trend requirements using Europe’s electricity base load with modular nuclear power plants, an Ultra High Voltage Transmission Line is used to transfer renewable energy long distances. Converting offshore wind production may concentrate on hydrogen storage in seas for upcoming seasonal issues caused by renewable energy, and finally Vertical Integration, Customer-centric, acquiring the energy from suppliers through Power Purchasing Agreements (PPAs).

Europe's renewable energy consumption is on the rise, with countries such as Germany, the UK, and Spain leading the transition. The EU aims to achieve a 45% renewable energy share by 2030 [1]. Globally, renewable energy capacity is expected to increase by a factor of 2.7 by 2030, with solar photovoltaic (PV) and wind energy driving this growth [2]. Governments across the EU are implementing supportive policies to accelerate renewable energy adoption. Notably, China has surpassed its 2030 targets for solar PV and wind energy [2]. Along with government policies, corporations are significantly increasing investment in renewable energy projects, which has been driven by the competitiveness of strategic thinking and making renewables compared to fossil fuels in cost-effectiveness [2]. In Europe, the emphasis on energy security is driving the adoption of renewable energy sources. This is particularly important in regions with geopolitical conflicts, which have been observed during the last couple of decades [3]. The goal set at COP28 is to triple global renewable power capacity by 2030. This ambitious target requires enhanced policy implementation and overcoming current challenges [4]. Integrating the advances in technologies, such as AI-enhanced grid management, next-gen battery storage, and green hydrogen, is expected to play a crucial role [5]. There's a growing trend towards distributed energy systems, including residential solar installations and battery storage systems [6], which are expected to provide self-sufficient energy for household purposes. Production of Sustainable Aviation Fuel is expected to increase, contributing to the decarbonization of the aviation sector [3]. Combining renewable energy generation with battery storage on the same site is becoming a popular strategy to optimize resources and increase efficiency [7].

Research Topics: Climate Change and the Environment Sustainability and Corporate Social Responsibility Deregulation