1. Eurelectric secretary-general warns of potential power outages without 67 billion euro investment in Europe’s distribution grids annually until 2040.
2. The investment in grid infrastructure is essential for economic growth and reducing dependence on fossil fuel imports.
3. Eurelectric stresses the need for a coherent European investment plan to mobilize funds for grid upgrades and highlights the role of electricity in modern society amidst geopolitical changes.
At the Eurelectric Power Summit in Athens, Secretary-General Kristian Ruby emphasized the importance of investing 67 billion euros annually in Europe’s distribution grids until 2040. He compared this figure to the 451 billion euros spent on fossil fuel imports each year, stressing the economic necessity of such investments for Europe’s future.
Eurelectric’s new study, titled Grids for Speed, outlines the significant grid investment required for economic growth in Europe. President Leonhard Birnbaum highlighted the need for the right regulations to mobilize funding for increased investment, innovation, and infrastructure. The urgency of a coherent European investment plan was emphasized to address the decline in foreign investments in Europe.
Ruby also underscored the critical role of energy in a time of rapid geopolitical change, stating that reliable electricity is essential for modern society’s functioning. He highlighted the importance of transitioning to green energy and meeting climate targets. The message was clear: Europe must invest in grid infrastructure to secure its economic growth, energy security, and sustainable future.