Solar Power Generation In Europe To Rise by 50 TW in 2024, Germany To Lead The Way

Solar Power Generation In Europe To Rise by 50 TW in 2024, Germany To Lead The Way

The solar photovoltaic (PV) energy generation will spike by about 50 terawatt-hours (TWh) in 2024 in Europe due to major capacity installations across the region, predicts a report by Rystad Energy. The report also suggests that Wind power generation is also expected to increase in 2024. However, the growth rate will not match last the one seen in 2023, when wind energy output increased by 50 TWh thanks to additional capacity installations and a windier year.

The report also said that despite a record-breaking 60 gigawatts direct current (GWoc) of solar PV capacity expansion in 2023, solar power generation in Europe saw a modest increase of about 20 percent.

As Europe scales newer heights in renewable energy generation, one country has led the way and it is Germany. During 2023, Germany witnessed a record-breaking growth of over 14 GW, majorly driven by the installation of rooftop PV systems, read the report. About
6.5 GWoc of rooftop solar has been installed in Germany for residential use. This is powering approximately 1.3 million households annually.
Another 3.5 GWoc has been installed in the commercial and industry sectors, and more than 70 percent of the added capacity was from rooftop installations, which played a crucial role in the growth of solar PV in Germany and Europe.

This eventually happened due to the change that Germany witnessed last year from being a major electricity exporter to a net importer as nuclear power plants closed, low solar energy generation and cheaper electricity were made available from other markets. As a result, Germany relied increasingly on imports from France and Denmark. This highlighted the importance of diversifying energy sources to ensure energy security and reduce reliance on imports.

“As the demand for power in Europe is only growing slightly, we can conclude that Europe is fulfilling its electricity demand growth entirely with renewable sources. This indicates that the growth of renewable energy is more than sufficient to cover the growth in demand, which is why we are observing a decline in the use of fossil fuels,” says Vegard Wiik Vollset, Head of Renewables & Power EMEA Research at Rystad Energy.

The Rystad Energy report also throws light on wind generation citing that the generation of wind power in Europe will increase by 38 TWh in 2024. Moreover, Europe’s nuclear sector is also expected to generate 20 TWh more in 2024 than in 2022. According to the report, it is anticipated that for the year 2024, the generation of power from fossil fuels will continue to decrease, but at a much slower rate compared to 2023. The decrease is expected to be 60 TWh due to a slight increase in overall power demand in Europe.

In 2023, even as powerhouses like Germany crossed 14 GW in fresh additions, smaller countries like the Czech republic made major strides as well, adding over 970 MW to the grid. The 970MW figure is a 236% increase from 2022’s 289.1MWp, with the number of solar power installations increasing by 145%, from 49,000 in 2022 to 82,799 in 2023.

A report by SolarPower Europe also delved into the data and its analysis found that global floating PV market in Europe is anticipated to surpass the 6 GW threshold by 2031. The report noted In 2022 global cumulative FPV capacity reached 5.7 GW mark of cumulative capacity, reflecting a growth trend in FPV technology on a global scale.

In this regard, another analysis by Wood Mackenzie on the current growth in Europe’s flexible renewable energy found that European power market will see its carbon intensity plummet. Emissions-free supply will climb from 65% to 85% by 2030, with 67% of power from renewables, as per the report.

On wind energy turf, a record 4.2 GW of new offshore wind farms come online in Europe. This was a 40 percent increase in 2023 compared to the corresponding figures from 2022, according to WindEurope – a premier association promoting wind energy in Europe. New factories were announced in Poland, Denmark, Germany, the Netherlands and Spain. “2023 was the best year on record for new offshore wind installations in both the EU and across Europe as a whole. Europe built 4.2 GW of offshore wind in 2023. That’s 1.7 GW more than in 2022,” said WindEurope.