In total, renewables generated 692TWh of electricity, accounting for 50.39% of Europe's total electricity supply and almost double the 359TWh generated by fossil fuels. Onshore wind and hydro were the biggest contributors to this figure, generating 228.8TWh and 220.7TWh respectively, while solar generated 137TWh.

Although solar's contribution is smaller than some other forms of renewable power generation, the solar industry is on track for a record year; If power generation continues through the second half of 2024, solar will generate 274TWh of electricity by the end of this year, surpassing coal plants for the first time.

The chart below shows the contribution of different energy sources to the EU's energy mix in recent years and the projected growth rate of electricity generation if the current generation levels of each energy source are maintained in the second half of 2024.

The chart shows how renewables have become an increasingly integral part of the EU's energy mix over the past five years, with wind and hydro generating more electricity than gas by the end of 2024. The contribution of wind, hydro and solar to the EU energy mix all increased in 2020-2023, and this trend is expected to continue in 2024, while the contribution of fossil fuels and nuclear power declined during this period.

Eurelectric also noted that in the first half of 2024, "low-carbon energy sources" - renewables and nuclear - accounted for 74 percent of the EU's electricity supply, up from 68 percent in 2023.

"The pace of change is impressive," said Kristian Ruby, secretary general of Eurelectric, the European electricity industry association. "These figures show that the decarbonization efforts of power companies are ahead of any other industry."

The growth in solar power is largely driven by new installations in some of Europe's largest PV markets. Germany added more than 5GW of new solar capacity in the first four months of this year, while Italy's large ground power plant sector grew by 373% in the first quarter of 2024. The strong performance of the European solar industry is a microcosm of the growth in global solar installations, which increased by 87% in 2023.

However, there are still a number of issues to be addressed for the European PV industry, chief among which is the financial viability of locating upstream manufacturing capacity in Europe. The topic was the focus of discussion at the Intersolar trade show in Germany last month. In the long term, expanding manufacturing operations in Europe is key to the health of the European solar industry.

Ruby also noted that electricity demand in Europe has been declining in recent years, a phenomenon that could lead to an imbalance between the continent's renewable energy supply and demand, which could threaten the long-term financial viability of renewable power generation in Europe. According to Eurelectric, European electricity demand in the first half of 2024 was 2.6 percent lower than in the first half of 2022, while demand in the first half of 2023 was 3.4 percent lower than a year earlier.

Ruby said: "Electricity demand has been stagnant for many years, and now it has shifted to a continuous decline. Policymakers must immediately support the use of electricity to provide the necessary investment signals for clean energy development."

Policymakers have taken a number of steps to improve other aspects of Europe's renewable energy sector, most notably the Net Zero Industry Act (NZIA), which was implemented over the weekend, and the European Solar Academy initiative, which was launched at the European International Solar Show last month.

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