DNV Forecast: Germany's Energy Transition to Achieve 98% Renewable Electricity by 2050, Enhancing Security and Affordability

Germany's energy transition is projected to yield a more affordable, secure, and greener energy system, according to DNV's Energy Transition Outlook. By 2050, 46% of energy demand will be electrified, up from 19% currently, driven by renewable production. While Germany may narrowly miss its 2045 net-zero target, CO2 emissions are expected to fall by 89% by 2045 and 95% by 2050 compared to 1990 levels. Domestic energy production will supply 73% of needs by 2050, a significant increase from 30% today, reducing reliance on imports. Coal and oil imports will decline by 99% and 79%, respectively, between 2024 and mid-century. The phase-out of coal necessitates new gas and hydrogen-ready power stations for backup, with renewables providing 98% of electricity. Energy prices for German industry will decrease from post-invasion spikes, aligning with European levels, though remaining above Chinese and American rates.