Renewables will continue to significantly evolve in the fuel mix in the European Union (EU) by 2035, BP's latest energy outlook noted.
The outlook stressed that the share of oil in the fuel mix is expected to drop to 30 percent in 2035 from its current 36 percent share.
The report also stated that renewables are expected to replace coal as the dominant fuel power source by around 2019, followed by nuclear and natural gas.
'Primary energy demand declines by 0.4 percent annually over the outlook, as growth in renewables (including biofuels) (+100 percent), natural gas (+15 percent), and hydro (+9 percent), are outweighed by declines in coal (-55 percent), oil (-24 percent) and nuclear (-29 percent),' the report said.
According to the outlook, Russia will remain the largest source for the European Union's (EU) natural gas imports. Furthermore, the report said that Russia would expand its market share in the EU's natural gas consumption from the prevailing 33 percent to 40 percent by 2035.
Within renewables, wind is expected to be the fastest growing source up to 141 percent, and account for 56 percent of total renewables by 2035, up from 47 percent today.
By Murat Temizer
Anadolu Agency
murat.temizer@aa.com.tr