#AskElda - December 2024
Eurelectric
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Welcome to #AskElda Monthly, Eurelectric's newsletter highlighting trends in EU electricity, powered by Elda, our new data tool.
You can #AskElda questions about electricity generation, consumption, CO2 emissions, and market prices in the EU and beyond. You also get to download data and visuals for your research, social media posts, and more!
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Check out the key developments from December 2024 below.
Electricity generation
December’s electricity was 2.9 % cleaner than in November, driven by improved wind and nuclear availability. Hourly wind generation averaged 71 GW (up from 60 GW), making December the third windiest month of 2024. Nuclear averaged 86 GW, the second-best month after January. Consequently, gas and coals’ combined share fell by 2.5%.
In 2024, clean electricity reached a record 48 % renewables and 24 % nuclear, surpassing 2023’s 45 % and 23 % respectively. Solar and hydro each grew by over 40 TWh, equivalent to Denmark’s annual demand, while coal and natural gas power dropped by more than 50 TWh and 30 TWh respectively.
Portugal saw the highest increase in the share of renewables, moving from 76 % to 87 %, while France and Spain saw the largest absolute increases in renewable electricity.
Electricity demand
Colder days increased the electricity demand in December by 4 % compared to November.
Renewables contributed 29 % to peak demand in December which was on a Dunkelflaute day on Dec 11 when prices spiked, with wind and solar providing only 8 %. Above average heating demand is expected in January as the temperatures might fall below average.
Overall, in 2024 power demand grew by less than 2 % when compared to 2023, and remains lower than pre-crisis levels. Some of this comes from improved energy efficiency and energy savings, however, more than 50 % of this decline was caused by industrial slowdown. In Germany, industry’s power consumption decreased by 13 % in 2023 compared to 2021 and is expected to have sank further in 2024 since industrial production declined 4% year-on-year according to data until October 2024.
Intensity and prices
Reduced coal and gas use, combined with higher wind and nuclear generation, lowered EU power sector emissions in December compared to November. However, emissions rose in some countries like Poland and Spain due to increased coal and gas use, respectively.
For 2024, Eurelectric’s preliminary estimates show a 13 % drop in power sector emissions compared to 2023, making it the cleanest year in EU history. France and Sweden had the lowest emissions intensity, while Germany, Italy and the Netherlands saw the largest absolute reductions. Meanwhile, emissions rose in some countries like Bulgaria, Romania and Greece.
According to EEX’s emission’s primary auction market data, the average emission prices have fallen by 22 % between 2023 and 2024.
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Day-ahead electricity prices
Day-ahead electricity prices dropped slightly in December, but remained above €100/MWh due to high demand, gas prices, and spikes on Dunkelflaute days. However, price spikes in East and Southeast Europe decreased significantly, thanks to better wind generation.
In 2024, wholesale day-ahead prices averaged €82/MWh, down from €97/MWh in 2023. The average was €76/MWh until the last quarter, when gas price surges, high winter demand, and low renewable generation caused price spikes, especially in Eastern and Central Western Europe. Negative prices also reached a record, occurring 17 % of the time in at least one bidding zone.
Gas prices fell in the first half, peaked at €46/MWh, and dropped to €38/MWh by the end of the month, with the average similar to November due to cold weather, geopolitical uncertainties and supply constraints.
Cross-border flows
In December, the EU continued its trend as a net exporter, with France as the top exporter and Italy as the leading importer. Norway was the main exporter to the EU, while the UK was the largest importer.
Overall, in 2024, the EU remained a net exporter of electricity, with the UK as the primary destination and Switzerland as the largest source of imports.
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Check all the data here or contact Mohammed Abi Afthab Olikathodi ([email protected])
Disclaimer: The latest estimates for electricity generation, demand and CO2 intensity are provided by Eurelectric, based on the most recent hourly data from ENTSO-E and monthly data from Eurostat of the previous year. These figures are subject to slight revisions as actual data becomes available. The aggregate statistics mentioned here refer to the EU-27.