Photovoltaics and wind status in the European Union after the Paris Agreement

Over the last decade, the utilisation of renewable energy in the electricity sector, especially from solar and wind sources, is growing at a much faster pace than the rest of the economy in Europe and world-wide. The significant cost reduction of solar PV and wind power during this time and their zero fuel cost volatility have increased their attractiveness. Between 2005 and 2015, the installed solar PV power in Europe as increased 50 fold to reach 95 GW and wind power has increased three and a half times to 142 GW at the end of 2015. The fact that the Paris Agreement went into force on 4 November 2016 will be another accelerating factor for the use of electricity from renewable energy sources. This paper shows the deployment of photovoltaics and wind power in the European Union and the policy drivers behind this development. So far, the European Union is the largest economy with a legally binding target to reach 27% of its energy consumption from renewable energy sources by 2030. The data used for this publication are collected on a regular basis from statistical offices, stock exchange filings, press releases, public and commercial studies. The results are cross checked with personal communications and on-site visits as well as meetings with government officials and policymakers. In order to provide a timely coverage of the dynamic increase of solar and wind power this use of grey data is necessary. In 2016 slightly more than 12% of the Union's electricity demand was covered by solar and wind, but in order to reach the 2030 target a tripling of this contribution is needed.