New energy measures could trigger a 1% boost to the EU’s GDP

New energy measures set to be announced later this year could boost the EU’s GDP by 1% by 2030, pumping an additional €190 billion into the EU’s economy and creating up to 900,000 new jobs.

The new package of measures will cover renewable energy, energy efficiency – in particular the buildings sector, electricity market design and governance of the EU’s Energy Union strategy.

“Our energy system is undergoing a revolution which will change the way we consume and produce energy, and future-proof our economy. But to take this revolution forward we need to go much faster and much further,” EU Climate Action and Energy Commissioner, Miguel Arias Cañete said at the Business Europe Power Market event in Brussels on 24 October.

By 2030 half of all electricity generated in Europe will be renewable, and by 2050 electricity will be entirely carbon-free. The new renewables directive the Commission will propose is set to focus on creating the right conditions for renewables to meet these goals.

Meanwhile, in electricity markets, a technological revolution will allow consumers to become active players in the market by responding to different price signals and choosing when they use energy. This could mean access to cheaper energy when wind farms and solar panels are producing electricity, for example.

Consumers will also find it easier to generate their own electricity and store energy. Meanwhile, measures will aim to promote online price comparison tools, and enable consumers to easily switch suppliers if they find a better deal.

The new measures will also herald business opportunities with rising prospects for medium and small sized electricity generation, and better management of electricity demand which will help drive down costs.

Commissioner Arias Cañete’s speech

Source: European Commission – Energy News
New energy measures could trigger a 1% boost to the EU’s GDP