Energy bosses' EU-wide policy call

Eight energy giants have called on EU leaders to push through a Europe-wide approach to policy in the sector.

As EU leaders meet in Brussels, the companies flagged up the need for a long-term commitment to carbon reduction to help fix the continent’s emissions trading scheme (ETS).

Peter Terium, CEO of RWE said: “In recent months we have supported a structural reform of European emissions trading. This economic instrument has proven its worth and we are convinced that it continues to be the best method of achieving the EU‘s climate protection targets.

“In terms of the upcoming reform, it is important for us to achieve rapid political agreement on long-term CO2 reduction targets, which would ultimately lead to a more stringent CO2 reduction path taking us beyond the year 2020.

“The steeper reduction path can be accompanied by the permanent withdrawal of allowances, if this measure is fully established as part of a political determination to set long-term targets for emission reductions.”

The CEOs demanded a future energy market design that “includes a capacity mechanism approach coordinated at European level, in which all assets contributing towards security of supply would be remunerated in a fair and appropriate manner.”

The energy bosses warned: “One-off measures, or action taken by individual countries – whether regarding capacity mechanisms or expansion targets for renewables – are of no use to us. We must find European solutions.”

The appeal was issued jointly by Enel, Eni, E.ON, GasNatural Fenosa, GasTerra, GDF Suez, Iberdrola and RWE.