Europe's clean energy future can only be delivered through unified action

Electricity grids are essential for the uptake of clean energy as well as for facilitating the electrification of our societies and industries. Europe's electricity grids are evolving into the backbone that supports not only energy security, but also economic competitiveness and innovation.

In Europe, more than €584 billion of investment is needed this decade to achieve the Fit for 55 target of deploying 42.5% renewable power into the grid by 2030, according to the European Commission.

Furthermore, the report prepared by former Italian Prime Minister Mario Draghi The Future of European Competitiveness, stated that to remain competitive, Europe must significantly increase its investment in key sectors, including energy innovation, flexibility and infrastructure. The report highlighted that the EU's general investment-to-GDP ratio needs to rise by 5% annually - levels not seen since the 1960s and 1970s - to meet decarbonisation and digitalisation needs​.

Grid modernisation is a cornerstone of this effort to effort to establish Europe as a competitive and sustainable place to do business. The good news is that this work is already underway, with organisations like ENTSO-E, the European Network of Transmission System Operators, coordinating large-scale grid investments in the European grid.

Investing in the energy grid delivers significant societal benefits, according to key findings from ENTSO-E. Annual investments of €6 billion in cross-border infrastructure through 2040 are projected to yield €9 billion per year in generation cost savings. Additionally, the investment will help avoid 42 TWh of renewable energy curtailment each year, optimising renewable energy usage. This process will cut CO₂ emissions by 31 million tonnes annually, supporting climate goals and enhancing environmental sustainability.