Renewable Energy Sector Booming, Reveals EIC’s Europe OPEX Report

The Energy Industries Council (EIC), one of the world’s leading energy trade associations, has unveiled its Europe OPEX Report 2023, showcasing the accelerated growth of Europe's renewable energy sector.

With a keen focus on onshore wind and solar power, the report provides a comprehensive analysis of the region's transition to cleaner energy sources.

EIC Senior OPEX Analyst Thomas Bacon, the report’s author, said, "The rapid expansion of onshore wind and solar power demonstrates Europe's commitment to decarbonization and marks a significant milestone in our journey towards a sustainable future."

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He added: “Driven by robust policy and legislation, European countries are intensifying their efforts to prioritise renewable energy sources.

"The Europe OPEX Report 2023 highlights remarkable developments, emphasizing the pivotal role played by onshore wind farms and solar installations in this energy revolution.”

In 2022, Europe witnessed a surge of 5.4GW of onshore wind capacity across 59 wind farms, indicating a clear shift towards sustainable energy generation, according to the report.

Sweden emerged as the frontrunner, commissioning an impressive 1.7GW of capacity through the establishment of 11 cutting-edge wind farms, equipped with a total of 384 state-of-the-art turbines, the report shows. These milestones solidify Sweden's position as a leader in renewable energy adoption.

Solar Growth

Solar power, another cornerstone of Europe's renewable energy landscape, some growth with the continent adding 4.1GW of commercial-scale solar capacity across numerous solar farms in 2022, according to the report.

Spain, with its unwavering commitment to solar energy, led the way by contributing more than half of this capacity, installing 3.1GW across 22 innovative solar farms, the report said.

Looking ahead, the Europe OPEX Report 2023 forecasts a continued upward trajectory for the renewable energy sector, with projections indicating the commissioning of 219 new solar farms in 2023 alone.

This surge in installations is estimated to contribute an impressive 26GW of combined capacity.

The report also sheds light on the hydroelectric industry, which comprises 44% of the European renewable energy mix. In 2022, five new hydroelectric facilities were commissioned, adding a substantial 2.5GW of capacity to the continent's renewable energy portfolio.

On nuclear, several European countries are taking steps towards the phase-out of their operational nuclear facilities. On April 16th, 2023, Germany shut down its remaining three nuclear power plants.

The Europe OPEX Report 2023 provides critical insights into future growth opportunities, policy developments, and market trends across the 27 member states of the EU, as well as Albania, Bosnia and Herzegovina, Iceland, Kosovo, Liechtenstein, Montenegro, North Macedonia, Norway, Switzerland, and Turkey.

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