Report: 35% reduction in energy use could save EU
Saving Energy, a report released last month by ECOFYS, has found that energy saving benefits have been underestimated as they not only bring direct cost savings but also indirectly reduce energy prices. It is estimated that the indirect impact on energy prices will be equal to the direct impact of the energy savings. In other words, for every €1 of energy cost saving an additional €1 could be saved due to lower energy prices. Net direct savings are predicted to total €107 billion annually by 2020, which will amount to a total net saving of €200 billion per year. Furthermore the report predicts that by 2030 net direct energy cost savings will be €200 billion per year and indirect energy cost savings in the order of €50 billion per year, creating a total saving of €250 billion per year for consumers. There are considered to be three key benefits of energy efficiency; cost-reductions for industry and consumers, employment boosts, and a reduction in fossil fuel dependency. Currently 80% of EU’s primary energy consumption if provided by fossil fuel, including a high dependency on external suppliers, importing over 80% of the oil, 60% of the gas and 40% of the coal it uses READ MORE.