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Report by:
Marta Sánchez, Socia responsable de Energía.
Antonio Hernández, Socio Sectores Regulados. Análisis Económico y Sostenibilidad – Consultoría Sector Energía EY.
Jaime Moretón, Director – Consultoría Sector Energía EY.
Europe is going through a decisive moment in its process of industrial and energy change and transformation
The new European Commission needs to tackle the huge challenge of reverting Europe’s economic decline against the backdrop of a changing and increasingly complex geopolitical climate.. The Draghi Report delivers a roadmap for how the EU could recover its international positioning and is part of the thinking about the EU’s future strategic direction, laying the foundations for the "Clean Industrial Deal".
The report provides an assessment of the European Union’s competitive situation compared to the US and China and identifies the three transformations needed for the EU to boost its long-term growth potential: innovation, decarbonisation and economic security. The first two thrusts are related with the twin digital and green transition, the core components of the EU’s economic policy in recent years, albeit now approached through a different lens. In addition, the report proposes several measures and flags the need for significant investments (at least €800 billion per year).
An effective and efficient Clean Industrial Deal for Europe
Against this backdrop, decarbonisation has a role to play in driving competitiveness in European industry, while reducing the current vulnerability derived from its reliance on gas imports. Although Spain’s industrial sector shares the same challenges as the broader European sector, it does have a relative advantage in terms of access to renewable energy at more competitive prices.
It is possible to enhance the resilience and competitiveness of the European industry with a smart approach to the ‘Clean Industrial Deal.’
The study results show how industrial competitiveness and the energy transition are not only compatible but can mutually strengthen each other.
The Clean Industrial Deal should focus on implementing cross-sectoral solutions, as well as differentiating measures for various processes. Among the cross-sectoral measures, those aimed at ensuring competitive electricity costs for all industries would stand out (permits, taxation, renewable energy promotion, flexibility and storage, PPAs, investment in grids, etc.). Heat demand represents the largest energy consumption in the industry. To define specific decarbonization measures, it is necessary to properly differentiate industrial processes to have an accurate diagnosis.
With approximately €50 billion, a significant portion of the heat in European industry (most industrial processes under 500°C) could be decarbonized quickly. Given its competitive advantage in renewable sources, Spain must seize this opportunity.
Resumen
The European Commission faces the significant challenge of revitalizing the EU economy in an increasingly complex and changing geopolitical environment. The Draghi report provides a roadmap for the 'Clean Industrial Deal' to help the EU regain its international positioning, improve its competitiveness, and reduce its external vulnerability derived from dependence on imported gas supply. In this context, EY analyzes the measures that could be implemented to enhance competitiveness and accelerate the EU’s industrial decarbonization, highlighting the need to combine cross-sectoral measures for the entire industry with specific measures for different industrial sub-sectors, depending on their heat usage, and quantifying the necessary incentives for this.