Commodity Market Report
Belgium energy markets long-term outlook 2019
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Report summary
Belgium’s total primary energy demand (TPED) will change marginally over the forecast, decreasing 2% between 2019 and 2040. Increases in energy efficiency will be countered by an increase in population, GDP and industrial sector growth. The most significant change to the energy mix will be the phase out of nuclear power in 2025. This will result in an increase in Belgium’s already high energy imports – especially gas and power – and a decrease in zero carbon power production. Belgium will struggle to meet a number of its emission reduction targets as renewable penetration in the residential and transports sectors remain low. However, renewable targets in the power sector will be met. A lack of incentives for electric vehicles, steady demand for oil in industry, especially Belgium’s large petrochemical sector, and high reliance on fuel oil for space heating and cooking will result in a small increase in oil demand over the forecast.
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