The European Commission has set Europe’s first ever electrification target, aiming to increase electricity consumption to 46% of total energy use by 2040, doubling the current rate. The plan, unveiled on July 17 by European Commissioner for energy and housing Dan Jørgensen, seeks to strengthen the continent’s energy security and reduce reliance on imported oil and gas. The Commission estimates that greater electrification could reduce these imports by up to 260 billion euros annually by 2040. Electricity forms the foundation of nearly every growth opportunity, including artificial intelligence, data centers, advanced manufacturing, electrified transport, and hydrogen production. To achieve this target, Europe must massively invest in its electricity grids, modernize regulation, and dramatically reduce permitting timelines for strategically important infrastructure.
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