EU countries fail to agree position on electricity market reform

On Monday 19 June, the EU's 27 energy ministers failed to reach a common position on reforming the bloc's electricity market, following disagreements over subsidies for power generation from back-up coal and extending the lifespan of existing nuclear power plants.

Read more here

In this regard, no agreement was reached on the extension of state aid to investments in existing nuclear power plants, on which Germany, Austria and Luxembourg and other member states stressed the risk of creating an enormous distortion in the EU internal energy market.

Read more here

Parliament could remove the 'strategic' clean technology label from the Zero Emission Industry Act

The European Parliament and the EU Council are examining the Zero Emission Industry Act proposal with the aim of reaching an agreement by the end of the year. Both institutions must agree on an identical text before it becomes law. The European Parliament is discussing the removal of the term 'strategic technologies' in a draft EU regulation that aims to promote industries that will drive the green transition, with some lawmakers divided on the approach.

Read more here

Heat pumps 'readiness indicator' to evaluate savings for consumers

Eurelectric, the EU electricity industry association, predicts that the demand for electricity for heating buildings in Europe and the UK will increase from from 1.726 to 2.546 TWh by 2050. In this context, the heat pump readiness indicator for buildings is a tool to optimally match buildings to heat pumps, providing consumers with a clear indication of whether they can expect optimal performance from the future heat pump in their home.

Read more here

France looks to hike offshore wind target above 40 GW

After signing along with eight other European countries, a declaration aimed at producing more than 300 GW of wind power in the waters of the North Sea, Celtic Sea, Irish Sea and Atlantic Ocean, French Energy Transition Minister Agnès Pannier-Runacher highlighted that 40 GW offshore wind target is just a starting point for the country, in the view of the Energy and Climate Programming Act in elaboration.

Read more here

IRENA World Energy Transitions Outlook 2023: 1.5°C Pathway

The International Renewable Energy Agency (IRENA) presents a pathway to achieve the limit global temperature rise to 1.5°C by 2050, focusing on electrification, efficiency and renewable energy. This report identifies key actions to achieve net-zero emissions by 2030 and outlines three pillars for aligning the energy transition with climate objectives.

Read more here

Smart grids are crucial, but delays are costly

Failure to digitalize power grids may result in the loss of nearly three-quarters of the projected savings, according to the IEA. Emerging markets and developing economies have been slow to prioritize digital technologies in their grid infrastructure. The IEA emphasizes the significance of digitalization for enhancing efficiency, promoting decarbonization, and integrating renewable energy sources. The article underscores the importance of prioritizing and investing in digitalizing power grids, along with providing policy support to accelerate this transition.

Read more here

Greenhouse gas emissions from global energy industry still rising – report

Fossil fuels still account for 82% of global energy consumption, resulting in a 0.8% rise in greenhouse gas emissions due to increased energy usage. Although there has been record growth in wind and solar power, the overall increase in global energy consumption has led to more oil and coal being burned to meet demand. The report emphasizes the urgent need for governments to prioritize the energy transition and take immediate action to reduce emissions.

Read more here

IEA: World Energy Investment 2023 report

The International Energy Agency (IEA) has published the updated version of its World Energy Investment report. It provides a full update on the investment picture in 2022 and an initial reading of the emerging picture for 2023. The report provides a global benchmark for tracking capital flows in the energy sector and examines how investors are assessing risks and opportunities across all areas of fuel and electricity supply, critical minerals, efficiency, research and development and energy finance.

Read more here