Connect with us

Global Banking and Finance Review is an online platform offering news, analysis, and opinion on the latest trends, developments, and innovations in the banking and finance industry worldwide. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website. .

Technology

European power demand set to lag 2030 expectations, McKinsey says

Sunset behind power lines and wind turbines silhouette.

Published : , on

PARIS (Reuters) – Europe’s electricity demand could be significantly lower than government expectations by the end of the decade as faltering economic growth slows the switch to cleaner technologies, a report by McKinsey showed on Thursday.

WHY IT’S IMPORTANT

Electricity demand growth is a strong indicator of Europe’s industrial competitiveness with other regions, and is also a signal of the efficacy of energy transition plans, such as the switch to electric vehicles and cleaner fuels.

BY THE NUMBERS

The European Union, Norway, Switzerland and Britain have together forecast around 460 terawatt-hours (TWh) of additional demand by 2030. But around 40%, or 180 TWh, might not materialise due to lagging growth and high market prices, the McKinsey report said.

Uptake from key technologies is flagging, with growth in battery electric vehicle and plug-in hybrid sales halving to 21% in 2023 from 42% in 2021, the report showed.

Annual heat pump sales dropped 3% in 2023, while some European manufacturers reported a 47% drop in sales in the first half of 2024, which has led to job reductions and temporary layoffs in the sector, the report said.

KEY QUOTE

The countries that have the highest shot at exhibiting some of this demand growth are the countries that are on a relative basis better structurally positioned to deliver low-cost energy,” McKinsey partner Diego Hernandez Diaz told Reuters.

Those countries include the Nordics, with strong hydro and wind power output, and some in southern Europe with strong solar supply. France has similar potential, depending on its nuclear programme, he said.

CONTEXT

European power demand has yet to fully recover from a steep dive in the wake of Russia’s full-scale invasion of Ukraine when power and gas prices surged and governments urged industry to scale back power use.

GRAPHIC

 

(This story has been refiled to correct the name of the McKinsey partner to Diego Hernandez Diaz, not Diego Hernandez Ruiz, in paragraph 6)

(Reporting by Forrest Crellin; Editing by Mark Potter)

Jesse Pitts has been with the Global Banking & Finance Review since 2016, serving in various capacities, including Graphic Designer, Content Publisher, and Editorial Assistant. As the sole graphic designer for the company, Jesse plays a crucial role in shaping the visual identity of Global Banking & Finance Review. Additionally, Jesse manages the publishing of content across multiple platforms, including Global Banking & Finance Review, Asset Digest, Biz Dispatch, Blockchain Tribune, Business Express, Brands Journal, Companies Digest, Economy Standard, Entrepreneur Tribune, Finance Digest, Fintech Herald, Global Islamic Finance Magazine, International Releases, Online World News, Luxury Adviser, Palmbay Herald, Startup Observer, Technology Dispatch, Trading Herald, and Wealth Tribune.

Global Banking & Finance Review

 

Why waste money on news and opinions when you can access them for free?

Take advantage of our newsletter subscription and stay informed on the go!


By submitting this form, you are consenting to receive marketing emails from: . You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email. Emails are serviced by Constant Contact

Recent Post