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Figure 10. Electricity generation in the EU by fuel.<br />
Source: EU Energy in Figures. Statistical Pocketbook 2012. European Commission<br />
MUBARIZ HASANOV<br />
It is expected that renewable energy<br />
sources will account for about<br />
half of total electricity generation by<br />
2050. In particular, according to calculations<br />
of DG Energy (<strong>2014</strong>), solar,<br />
wind, hydro and biofuels will account<br />
for 9%, 26%, 10% and 8% respectively<br />
of total electricity generation<br />
in 2050. Figure 12 below presents<br />
historical shares of fuels in power<br />
generation over the previous decade<br />
as well as expected shares till 2050.<br />
Furthermore, note that total share<br />
of renewable sources and nuclear<br />
energy will increase to 74% by 2050.<br />
Therefore, it can be expected that<br />
52<br />
Figure 11. End user electricity prices for households in Austria. Euro per kwh<br />
Source: Europe’s Energy Portal. http://www.energy.eu/<br />
electricity prices in the EU countries<br />
will diverge further from international<br />
oil prices.<br />
As with natural gas, retail electricity<br />
prices varied considerably across<br />
member countries. In fact, lowest<br />
prices were observed in the lower<br />
income CEE countries. Figure 13<br />
presents a breakdown of electricity<br />
prices in European countries for<br />
the second half of 2013. Notice that<br />
highest base prices (including market<br />
price and distribution costs, but<br />
excluding taxes) were observed in island<br />
countries such as the UK, Cyprus,<br />
Malta and Ireland, which are isolated<br />
from other markets. Note also that<br />
the CEE countries imposed lower tax<br />
rates in comparison to high-income<br />
countries.
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