What is the EU's proposed electrification target for 2040, and how does it compare to the current rate?

The European Commission's draft proposal sets a target for electricity to account for 46% of the EU's final energy consumption by 2040 — doubling the current rate of 23%, which has remained stagnant for a decade.

What are the main drivers and challenges cited in the draft plan for achieving this electrification target?

Achieving the 46% electrification target would require massive deployment of electric vehicles, widespread replacement of gas boilers with heat pumps in homes, electrification of industrial processes, and extensive upgrades to Europe's ageing power grids — all requiring hundreds of billions of euros in investment; however, industries warn that high electricity prices make electrification economically unfeasible for some operations.

EU Drafts Plan to Double Electrification Rate, Cut Oil and Gas Use

Jul 16, 2026

The European Union plans to double its electricity consumption share to 46% by 2040 to reduce reliance on imported oil and gas. This strategy aims to cut fossil fuel import bills by €260 billion annually while requiring massive grid upgrades and industrial electrification.

reuters

2026-07-16

EU Drafts Plan to Double Electrification Rate, Cut Oil and Gas Use

EU Drafts Plan to Double Electrification Rate, Cut Oil and Gas Use

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