Europe’s chemical industry stands to benefit in the long-term from the expansion of wind, solar and other low carbon methods of producing energy.

- Growth in renewables means spot electricity prices can turn negative if demand dips

- Europe electricity prices higher than pre-war as tied to price of natural gas, now mainly LNG

- Europe has seen significant growth in solar, while wind faces delays due to supply chain issues

- Decarbonizing includes reducing emissions from gas plants via carbon capture and storage (CCS) and other technologies

- Challenges include grid infrastructure to transport electricity across regions with varying renewable generation

- Despite regulatory hurdles, there is political will for grid investment as part of the energy transition

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