Eurelectric - Accelerated power sector innovation could unlock €70BN in 2030
New technological breakthroughs and business model innovation in power generation and downstream energy services could unlock up to €70bn in 2030, or €135 per EU citizen. It could also reduce power generation cost by 11%, a EURELECTRIC report has found. But the study also shows that allowing innovation to play out will require European policymakers to create an enabling EU policy framework. Conversely, slower innovation would put the energy transition at risk and make it much more expensive.
“Innovation in the power sector is central to achieving Europe’s climate and energy policy aims. Capturing this potential depends on an agile private sector, supported by effective public policy. European policymakers must make the promotion of innovation a priority in energy policy and act now to streamline innovation policies and pave the way to a greener, smarter and ultimately less costly power system. This is especially relevant as the EU institutions begin their discussions on the 2030 energy and climate policy framework,”
said EURELECTRIC President and CEO of ENEL Fulvio Conti
In order to seize the opportunities of a rapidly evolving power sector, European power utilities will need to innovate on three fronts: master new technologies, get closer to consumers, and develop new business models and services. The report clearly shows that utilities are aware of this increased innovation potential and are already shifting their investment in favour of stronger R&D.
“Breakthrough innovation will reduce costs, increase energy efficiency, improve customer convenience, and foster EU competitiveness. That is why innovation is becoming a major priority for EU utilities. Over the last decade alone, annual R&D expenditure by large European utilities has nearly doubled to over €1.7 billion, turning them into powerhouses of innovation. Policymakers must now use every opportunity to keep this momentum alive, for instance next week’s European Council meeting of EU government leaders,” Mr Conti concluded.
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