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Market Research Report
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1034702

Electric Vehicles Outlook to 2050: Impacts and Flexibility in European Power

Published: | Wood Mackenzie - Power & Renewables | Delivery time: 1-2 business days

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Electric Vehicles Outlook to 2050: Impacts and Flexibility in European Power
Published: October 26, 2021
Wood Mackenzie - Power & Renewables
Delivery time: 1-2 business days
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Report Summary:

This work summarises the enhanced EV power modelling we have applied in our latest Q3 2021 European Power Service market outlook reports, with additional analysis on potential vehicle-to-grid (V2G) flexible capacity, which is yet to be included in our dispatch model. Power demand from EVs in EU27+UK will skyrocket 80-fold by 2050. This presents a challenge for this new demand to be met entirely by clean renewable energy (which we expect will happen by 2039) and in a cost-effective way. However, the electrification of the transport sector also offers an opportunity for flexible capacity available from the EV fleet, via V2G applications. This flexibility could grow to 128 GW, against a stationary storage fleet of 175 GW by 2050, in our eight core modelled markets alone.