Europe’s electricity generation is becoming increasingly clean, with countries such as Greece generating more from renewables than from fossil fuels for the first time in recent years. In 2023, Europe came third among the
behind Asia, and North America. That same year, Europeans consumed approximately 3.2 petawatt-hours of electricity, roughly the same consumption of Africa, the Middle East, and Latin America combined. While the total electricity demand in European countries is mostly proportional to population size, Nordic countries are the most intense consumers in the region, with Iceland, Norway, and Finland recording the
.
How is electricity generated in Europe?
In one way or another, Europe has always been at the forefront of the clean energy transition. With more than 614 gigawatts of
renewable electricity generation capacity recorded in 2023, the region boasted the second-largest figure globally, trailing only behind North America and Asia. Renewable sources accounted for more of the
European Union’s electricity generation than from fossil fuels that year. Nuclear power generation remains the largest single source of electricity generation in the region, with over 600 terawatt-hours produced that same year.
Nevertheless, the electricity generation mix varies widely across the continent. In Germany, the largest electricity producer in Europe, wind power generation accounted for over 25 percent of the
country’s gross electricity generation, followed by coal as the second leading source in 2023. Meanwhile, in France, nuclear accounted for over 65 percent of the
electricity output. France, Sweden, Finland, Luxembourg, and Denmark were the countries with the largest
share of clean electricity generated in the EU that year.
The leaders of the European electricity market
Europe is home to some of the
largest revenue-generating electric utilities worldwide. In 2023, French utilities company Électricité de France (EDF) led the global ranking, with 150.8 billion U.S. dollars’ worth of sales. It was closely followed by Italian utility company Enel. The latter was also one of the
leading European electric utility companies regarding market capitalization, along with Spanish Iberdrola. These three utilities are among the new global energy titans designated as
green supermajors, which have seen their market value soar in recent years, threatening the historic hegemony of big oil companies.
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