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…