Europe’s electrification stagnates as industrial slowdown impacts power demand

A new report by Eurelectric, titled Power Barometer 2024, reveals that Europe’s electrification rate has stagnated at 23% for the past decade, falling short of its 50% target by 2040. The stagnation is largely driven by an industrial slowdown and decreased electricity demand, with EU power consumption dropping by 7.5% between 2021 and 2023.

Industries have struggled to electrify, with only a third of their energy consumption coming from electricity, and just 4% of process heating – which accounts for 75% of industrial emissions – being electrified. Meanwhile, China has increased its electrification rate by 7% since 2015, outpacing the EU.

Despite these challenges, Europe has made significant progress in reducing emissions, with the power sector cutting emissions by 50% compared to 2008 and nearly 75% of electricity being generated from clean sources in 2024.