Prediction of the Growth of Renewable Energies in the European Union using Time Series Analysis

Abstract

The whole world is affected by climate change and renewable energy plays an important role in combating climate change. To add to the existing precarious situation, the current political events such as the war in Ukraine mean that fossil raw materials such as oil and gas are becoming more and more expensive in the raw material markets. This paper presents the current state of renewable energies in Germany and Europe. Using data from the past 56 years, the predictive models ARIMA and Prophet are used to find out if the conversion to renewable energies and the elimination of fossil raw materials in the energy sector can be achieved in the EU. The results are compared with the target of the EU in 2030 and a long-term outlook until 2050 will be provided.