EU Sets Target To Double Electrification Rate, Cut Oil & Gas Use

The European Union has unveiled the Electrification Action Plan, aiming for electricity to account for 46% of total energy consumption within the bloc by 2040, effectively doubling the current rate. Spearheaded by the European Commission, the aggressive policy shift is a direct economic and security response to the energy fallout amid the Middle East conflict. Currently, ~23% of the EU's final energy consumption is powered by electricity, a level that has plateaued for a decade. In effect, Europe now considers electrification no longer purely a…