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EU unveils plan to double electrification to 46% by 2040
The European Commission estimates the target could cut fossil fuel import bills by up to €260 billion per year by 2040.
The European Union has unveiled an Electrification Action Plan that targets raising electricity’s share of total energy consumption to 46% by 2040, a move the EU says would effectively double the current rate.
According to OilPrice, the plan is framed as both an economic and security response to energy fallout linked to the Middle East conflict, with the EU arguing that electrification is now also a matter of state sovereignty rather than only a climate initiative.
The EU said electricity currently accounts for about 23% of final energy consumption and that the share has plateaued for a decade. The bloc also cited its heavy reliance on imports, estimating it brings in more than 80% of its natural gas and over 90% of its oil.
Reaching the 46% goal, the EU estimates could reduce fossil fuel import bills by as much as €260 billion annually by 2040, supported by shifting transportation and domestic heating toward renewable powered electric grids and heat pumps, while also benefiting from efficiency gains versus combustion.
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