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Germany set to take the lead in European solar power market, reports Rystad Energy

Independent energy research company Rystad Energy is forecasting solar photovoltaic (PV) energy to spike by about 50 terawatt-hours (TWh) in 2024 – growing for the first time more than any other generation source – due to major capacity installations across Europe, with Germany leading the way.

Wind power generation is also expected to increase in 2024. However, the growth rate will not match the one seen in 2023, when wind energy output increased by 50 TWh thanks to additional capacity installations and a windier year, particularly in the last quarter.

Germany is set to take the lead in the European solar power market. During 2023, Germany witnessed a record-breaking growth of over 14 gigawatts of direct current (GWDC), majorly driven by the installation of rooftop PV systems. About 6.5 GWDC of rooftop solar has been installed in Germany for residential use, powering approximately 1.3 million households annually. Another 3.5 GWDC has been installed in the commercial and industry sector and more than 70 per cent of the added capacity was from rooftop installations, which played a crucial role in the growth of solar PV in Germany and Europe.

Rystad Energy is expecting continued strong additions from renewables during 2024 with solar leading growth for the first time both in terms of capacity and generation.

“As the demand for power in Europe is only growing slightly, we can conclude that Europe is fulfilling its electricity demand growth entirely with renewable sources,” said Vegard Wiik Vollset, Head of Renewables & Power EMEA Research at Rystad Energy. “This indicates that the growth of renewable energy is more than sufficient to cover the growth in demand, which is why we are observing a decline in the use of fossil fuels.”

As new capacity is added throughout Europe, it is expected that the generation of wind power will increase by 38 TWh in 2024.

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