European power & renewables: what to look for in 2024

In Europe, the power and renewables markets enter 2024 with relative stability. Power prices have decreased, the French nuclear fleet's production has rebounded, and hydro reserves are replenished. The region is accelerating its transition from dispatchable thermal capacity to emissions-free renewables, driven by the increased ambition of regional policy goals and national energy and climate plans. To deliver decarbonisation objectives and position electrification to enable economy-wide change, European policy makers must act on additional market mechanisms, increased auction quotas, and higher bid price caps. The European market landscape reflects a balance between security, cost and the challenges posed by transitioning to renewables. Continued, high levels of investment in wind, solar and energy storage will be critical to success. In this report we outline what to look for in European power markets, onshore wind, offshore wind, solar PV and energy storage in 2024.