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Renewables And Biofuels Account For 8.7% Of EU Services Sector Energy Use

Energy demand in the European Union’s services sector continued to rise in 2024, reflecting the growing power needs of an increasingly digital and customer-oriented economy. According to Eurostat, final energy consumption reached 4,971 petajoules, up from 4,886 petajoules in 2023.

That marks a year-on-year increase of 1.7%. Over the longer term, energy consumption in the sector has grown by 25% since 1990.

Services Still Trail Transport, Households And Industry

Despite that growth, services accounted for 13.5% of total final energy consumption across the EU in 2024. Transport remained the largest consumer at 32.3%, followed by households at 26.0% and industry at 24.5%.

Only agriculture, forestry and fishing recorded a smaller share, representing 3.6% of final energy consumption.

Electricity And Natural Gas Continue To Dominate

Electricity and natural gas remained the primary energy sources for the services sector, together accounting for more than three-quarters of total consumption.

More than half of all energy use came from electricity (52.0%), while natural gas accounted for a further 25.4%. Renewables and biofuels contributed 8.7%, heat represented 7.7%, and oil and petroleum products 5.6%. The remaining 0.6% came from other sources, including coal and waste.

Wholesale And Retail Trade Tops Energy Use

Wholesale and retail trade remained the largest energy-consuming services subsector in 2024, using 1,021 petajoules, or 21.2% of the sector’s total consumption.

Human health and social work activities followed with 506 petajoules, representing 10.5%, while accommodation and food service activities consumed 503 petajoules, also equal to 10.5%.

Professional, scientific and technical activities, together with other service activities, accounted for the remaining 492 petajoules, or 10.2%.

A Gradual Shift In Energy Demand

Although services are not the EU’s largest energy-consuming sector, their energy footprint continues to expand. Growing reliance on electrification and digital infrastructure across offices, retail, healthcare and hospitality is steadily increasing electricity demand while reinforcing the importance of energy efficiency and a more diversified energy mix.

Bitcoin Surges 23% In A Week As Investor Optimism Returns

Bitcoin was on track for a weekly gain of around 23% on Friday as a series of positive macroeconomic and policy developments boosted investor sentiment.

The cryptocurrency was trading about 6% higher at roughly $77,000, up from around $62,800 at the start of the week. Crypto-related stocks also rallied, with Coinbase and Circle gaining more than 9%, while Strategy rose 7%.

Macro Factors Fuel Rally

Bitcoin’s latest surge began Wednesday after Treasury yields fell sharply following a major intervention by the U.S. Treasury in the bond market. Lower yields eased pressure on risk assets and helped trigger a broader move into cryptocurrencies.

The rally was further amplified by a major short squeeze. Around $2.7 billion in crypto short positions were liquidated, according to CoinGlass.

Max Stuedlein, head of Partnerships at Sygnum APAC, said the move reflected an alignment of macroeconomic and policy catalysts, including the Treasury’s decision to increase buybacks of longer-dated government debt.

Clarity Act Boosts Sentiment

Investor confidence improved further on Thursday as the White House and crypto industry leaders made a final push to advance the Clarity Act in the coming weeks.

The legislation is widely viewed as a potential catalyst for the crypto market, although its chances of passing remain relatively limited.

Despite the rally, bitcoin remains well below its 2026 high of $94,820 reached in January and its all-time high of $126,198, set last October.

Analysts See More Volatility Ahead

Lucy Gazmararian, founder and managing partner at Token Bay Capital, said the crypto market may be approaching the end of its bear cycle.

She expects bitcoin could experience one more decline of around 20% before the market turns, pointing to historical cycles and the recent liquidation of heavily leveraged short positions.

Gazmararian also described bitcoin as a long-term hedge against monetary debasement, while warning that its short-term price remains highly volatile and driven by market cycles.

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