European Union leaders are increasingly championing electrification as the answer to some of the bloc's biggest challenges: high energy prices, industrial competitiveness and the transition away from fossil fuels. But achieving that goal will require massive investment in ageing power grids and energy storage systems, which many policymakers warn are not yet fit for purpose.
The urgency has only intensified following the US-led conflict with Iran, which sent energy prices soaring and exposed Europe's continued vulnerability to external shocks. The spike comes as the bloc is still grappling with the fallout from Russia's invasion of Ukraine, which triggered an energy crisis from which many European economies have yet to fully recover.
