| Title | European Union Energy Industry: An Overview |
|---|---|
| ID_Doc | 79380 |
| Authors | Pekanov Starcevic, D; Crnkovic, B; Bestvina Bukvic, I |
| Title | European Union Energy Industry: An Overview |
| Year | 2021 |
| Published | |
| Abstract | Reducing greenhouse gas emissions through low-carbon technologies and improved energy efficiency is the means to achieve a clean and sustainable Europe, while renewable energy is seen as the main tool to decarbonise the economy. The share of renewables in European Union (EU) energy production is growing steadily. In 2020, renewables will have overtaken fossil fuels as the leading source of electricity production for the first time (Agora Energiewende and Ember, 2021), but this production is not evenly distributed across EU member states. Renewable energy investments have been promoted in the EU over the last two decades. The growing share of renewables requires baseload capacity to support it. Potential capacities include highly efficient natural gas power plants, but also nuclear power plants. Energy production from natural gas power plants is highly dependent on natural gas prices and carbon emission prices. In addition, natural gas is a fossil fuel and should be replaced by low-carbon gaseous fuels in the long term. Nuclear power generation, although emission-free and a reliable baseload capacity, will also decline. Nuclear power plants are expected to cease operations and be replaced by renewable energy sources. The future development of the energy market will be strongly influenced by the cost of energy production. The Levelized Cost of Electricity (LCOE) for production in low carbon power plants is declining. This results in significantly lower costs than electricity generation in conventional fossil fuel power plants and requires a detailed assessment of new investments in energy generation facilities. This paper addresses the current state of the EU energy industry, the challenges that exist and need further consideration, and examines strategic investment trends with the aim of contributing to the theory and practice of energy economics. |
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