2024 European Electricity Market Summary
A year of transformation in Europe’s energy landscape
Discover the key trends, challenges, and milestones shaping Europe’s electricity market in 2024. From record-breaking renewable generation to the end of coal reliance and unprecedented pricing dynamics, this report offers in-depth insights and data tailored for energy traders, analysts, and decision-makers.
What You’ll Learn in the 2024 Market Summary
Get a comprehensive overview of Europe’s energy mix in 2024:
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Generation and Fuel Mix
- Renewables: 1267.8TWh (surpassing 50% of total generation)
- Fossil Fuels: 629.0TWh (-38% since 2015)
- Nuclear: 620.6TWh (24.7% of total generation, led by French recovery)
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Key Market Trends
- Renewables on the Rise: Wind and solar achieved record shares, driving clean power to 75% of total generation.
- Negative Pricing Soars: A surge in hours with negative electricity prices due to renewable overcapacity.
- Gas Prices Volatility: Prices declined early in the year but surged due to Middle Eastern tensions and supply fears.
- Coal’s Final Chapter: Europe continues its transition, with Britain shutting down its last coal plant in September.
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Regional Highlights
- France emerged as Europe’s top energy exporter, exporting 89TWh.
- Hydropower exceeded expectations across Northern and Southern Europe, with record contributions from Norway, Switzerland, and Italy.
- The Balkans faced grid challenges with blackouts caused by extreme heatwaves.
Key Themes for Energy Professionals
Navigating Renewable Growth
Learn how record renewable generation affects prices, demand, and grid stability.
The Shift Away from Fossil Fuels
Explore the implications of Europe’s ongoing transition from coal and gas.
The Role of Interconnectors
Understand how cross-border flows are reshaping supply and demand dynamics.
Impact of Global Events
Discover how geopolitical tensions and climate extremes are influencing energy markets.