Europe wants to become the first “electric continent”. What does this mean?
It’s not just about more electricity production. It’s about what share of final energy consumption is electricity - for transport, heating, cooling and industry.
Today, electricity accounts for only 23% of final energy consumption in the EU. (In Bulgaria, the share is around 27%.) In China, it is already 33% and continues to grow. In Europe, this indicator has practically not changed in the last decade, which is a serious problem.
That is why the European Commission has presented a new Electrification Plan with the ambition for Europe to become the first “electric continent”. The goal is the share of electricity to reach 32% by 2030 and 46% by 2040.
Why is this important?
First - energy security. An increasing part of Europe's electricity is produced from its own renewable sources. This means less dependence on imported oil and gas, fewer geopolitical risks and less leakage of hundreds of billions of euros to external suppliers. If the 2040 target is achieved, the Commission estimates the potential savings from fossil fuel imports at around €260 billion per year.
Second - technological competitiveness.Almost all new technologies run on electricity - electric cars, heat pumps, data centres, modern industrial processes, artificial intelligence and automation. The higher the share of electricity, the more modern, more productive and the economy is more competitive.
The good news is that Bulgaria is already above the European average. With the rapid development of solar energy, batteries and the potential for electrification of transport, heating and industry, our country has a chance to be among the winners of this transformation.
More on that in the coming days.