The European Commission has released its quarterly report on the region’s electricity markets, highlighting key factors that shaped electricity generation, consumption, and prices in 2020.
According to the Market Observatory for Energy DG Energy report, the COVID-19 pandemic and favorable weather conditions are the two key drivers of the trends experienced within the European electricity market in 2020. However, the two drivers were exceptional or seasonal.
The key trends within Europe’s electricity market include:
- Decrease in power sector’s carbon emissions
As a result of the increase in renewables generation and decrease in fossil-fueled power generation in 2020, the power sector was able to reduce its carbon footprint by 14% in 2020. The decrease in the sector’s carbon footprint in 2020 is similar to trends witnessed in 2019 when fuel switching was the main factor behind the decarbonisation trend.
However, most of the drivers in 2020 were exceptional or seasonal (the pandemic, warm winter, high
hydro generation). However, […]