EIC’s Europe OPEX Report 2023 reveals a booming European renewable energy sector

The Energy Industries Council (EIC) has unveiled its Europe OPEX Report 2023, showcasing the accelerated growth of Europe's renewable energy sector.
EIC’s Europe OPEX Report 2023 reveals a booming European renewable energy sector
Courtesy of NREL.

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

“The rapid expansion of onshore wind and solar power demonstrates Europe's commitment to decarbonisation and marks a significant milestone in our journey towards a sustainable future” said EIC Senior OPEX Analyst Thomas Bacon, the report’s author. “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, emphasising the pivotal role played by onshore wind farms and solar installations in this energy revolution.”

In 2022, Europe witnessed a surge of 5.4 GW 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 1.7 GW 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 power, another cornerstone of Europe's renewable energy landscape, experienced some growth with the continent adding 4.1 GW 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 3.1 GW 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 26 GW of combined capacity.

The report also sheds light on the hydroelectric industry, which comprises 44 percent of the European renewable energy mix. In 2022, five new hydroelectric facilities were commissioned, adding a substantial 2.5 GW 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.

For additional information:

Europe OPEX Report 2023

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