While electrification is a key factor in decarbonisation and central to meeting European climate goals, electricity consumption has stagnated in recent years. Artelys has supported Strategic Perspectives in quantifying the costs and benefits associated with an ambitious electrification scenario for 2040, compared to maintaining current trends.
The analysis has focused on four key technologies: heat pumps for buildings and industry, electric vehicles, and low-carbon steel production. The results show that in an ambitious electrification scenario, the additional savings achieved by reducing fossil fuel imports exceed the over-investments needed in technologies and the electricity system (production, storage, interconnections). In addition, the decrease in imports reduces exposure to price volatility on international markets, strengthening economic resilience.
Recent Comments