CAN Europe welcomes the attention being given to our electricity network, and sees this as an opportunity to raise EU ambition and support a 100% renewable energy system, while lowering prices and better integrating our infrastructure with nature and communities.
The EU foresees a massive investment need for electricity grids of €730 billion for distribution and €472 billion for transmission grid until 2040, while the energy regulators envisage a growth of grid investments between €75 and €100 billion per year.
CAN Europe’s Paris Agreement Compatible scenario foresees annual investment needs in transmission alone of €42 billion annually by 2040, in a system that halves today’s energy demand.
Research commissioned by CAN Europe recommends the use of public financing in Europe to reduce grid costs and to help steer private investment towards grid infrastructure. An Austrian study by the consumer rights organisation highlights that state-backed financing of grids and longer payback periods can reduce total grid costs by 13.5%. While research from the UK highlights having low interest rates for grid investment can lead to lower household bills.
Read CAN Europe’s response to European Grids Package Call for Evidence
For more information:
Thomas Lewis, Energy Policy Coordinator at Climate Action Network (CAN) Europe
Contact:
thomas.lewis@caneurope.org
