The European Union is preparing to unveil a strategy aimed at doubling the share of electricity in the bloc’s energy consumption to 46% by 2040, according to a draft European Commission proposal seen by Reuters. The plan, expected to be published on Friday, forms part of the EU’s response to surging oil and gas prices following the Iran war and seeks to strengthen the region’s long-term energy security.
The proposal would significantly increase the use of electricity across transport, heating and industry, requiring faster adoption of electric vehicles, wider installation of heat pumps to replace gas boilers, and greater electrification of industrial operations. The Commission is also expected to propose legislation later this year to make the target legally binding, although the draft was still under internal discussion on Thursday and could change before publication.
Electricity currently accounts for just 23% of the EU’s final energy consumption, a figure that has remained largely unchanged over the past decade, leaving much of the bloc dependent on fossil fuels. Achieving the new target will require major investments worth hundreds of billions of euros, including extensive upgrades to Europe’s ageing electricity grids and expanded clean energy infrastructure.
The Commission estimates that reaching the 46% electrification goal could reduce the EU’s annual fossil fuel import bill by as much as €260 billion by 2040. With the bloc importing more than 80% of its natural gas and over 90% of its oil, officials view the plan as a key step toward lowering reliance on imported energy, although industry groups have cautioned that lower electricity prices will be essential to make large-scale electrification economically viable.