As part of the TEASIMED 2 project, we are pleased to publish this Scenario Report, which outlines the prospects for the evolution of electricity power systems in all Mediterranean countries by 2040. For this new edition, following the 2022 publication’ of the Mediterranean Master Plan, our members and experts from the Technical Committees have focused on two major challenges for the region in the coming years to 2040: the development of electric mobility and the emergence of massive hydrogen production from renewable electricity sources (‘green hydrogen’), which has significant potential throughout the Middle East, North Africa, and Türkiye (MENAT). The development of these scenarios is a prerequisite for studying and analysing new interconnection projects, which will be covered in two separate publications: the update of the Mediterranean Master Plan for 2030 and the publication of the new Mediterranean Electricity Interconnection Perspectives (MEIP) for 2040. This Scenario Report covers both timeframes and sets the framework for both publications.