The crux of the energy companies’ argument is essentially that Europe’s energy security is no longer something to take for granted; they point out that carbon emissions are on the rise alongside prices and investment is falling – partially due to failed EU policy.
Mr Mestrallet lays much of the blame at the yo-yoing of renewable energy subsidies. The EU, according to Mestrallet, has been too generous with subsidies for green power and pushed up power costs for commercial energy bodies.
One course of action would be to cut the renewable subsidies to control growth of the green energy sector, something Mestrallet endorses, saying to the Financial Times; “We have to reduce the speed at which Europe is building new wind farms and solar panels. At the moment, it is not sustainable.”.
UK Utilities Giants Warn EU of Power Supply Risk