2024, record year for EU energy production - Wholesale electricity prices down 16%
The year 2024 marked a record for the EU's energy sector, with renewables contributing around 50% of total production. However, energy demand remained low, mainly due to the industrial slowdown.
According to Eurelectric data, 2024 was a record year for the European Union's energy sector. Emissions were 59% lower than in 1990, while negative prices appeared 1,480 times. The average wholesale price of electricity in the EU fell by 16% from 2023. The only downside was energy demand, which has not increased since the crisis, mainly due to low industrial consumption.
In 2024, wholesale market prices fell to 82 euros per MWh, from 97 euros per MWh. The average was even lower, at €76 per MWh, until the last quarter of the year, when increased gas use, high demand due to winter, lack of solar power and windless days pushed the numbers up. In parallel, negative prices broke a new record this year as they were recorded in 17% of cases. This happens when there is a surplus of electricity, often due to renewable energy generation from wind or solar, and there is not enough demand to consume it.
Eurelectric's data proves once again that investment in renewable resources is the right way for a more competitive and decarbonized economy, but they need to be complemented with stronger and more flexible capacity to balance their variability, experts explain.
The year 2024 marked the lowest emissions from the EU energy sector. The annual decline was 13%. Renewables contributed 48% of total output, followed by nuclear power at 24% and fossil fuels at 28%, with the latter recording the lowest figure ever.
Energy demand increased by less than 2% from 2023, but remained below pre-crisis levels. Eurelectric explains that part of the reduction is due to higher efficiency and savings. However, according to the data, more than 50% of the decline was caused by the industrial slowdown.
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