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Solar energy takes lead in Europe
Something remarkable has happened. Solar power in the eurozone has surpassed coal in generation growth for the first time! What is more, this rise is far from over. According to analysts at Ember, solar energy became the fastest-growing power source in the EU in 2024. The company reports that solar energy provided 11% of the eurozone’s electricity (304 TWh), overtaking coal (269 TWh) for the first time.
During the reporting period, solar generation in the EU grew by 22%, or 54 TWh, compared to 2023. This boost is due to a record number of newly installed solar capacities, which added up to 66 GW.
Ember highlights that solar energy overtook coal’s share by 1% or 35 TWh. As a result, coal, which held third place in the EU’s energy ranking back in 2019, dropped to sixth place in 2024.
This trend is spreading across the entire European Union. Solar power is on the rise in every country, while coal is becoming less relevant. Currently, over 50% of EU countries either do not generate coal-based electricity at all or have it making up less than 5% of their energy mix.
Europe’s green agenda has driven a rapid transformation of the region’s energy sector. Thanks to the expansion of wind and solar power, the share of renewables has increased from 34% in 2019 to 47% in 2024. Meanwhile, fossil fuels in the EU have seen a historic drop from 39% to just 29%.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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Published 30 January 2025
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