'Fossil-mad utilities missed RE bus'

Greenpeace claims Europe's utilities got it wrong by focusing on fossil-fuel plants

Greenpeace claims Europe's utilities got it wrong by focusing on fossil-fuel plants

The failure of Europe’s top 10 utilities to jump on the renewable energy bandwagon in time while investing excessively in fossil power generation could precipitate their demise, a report released by Greenpeace today claims.

The EU’s energy giants still produce more than half of Europe’s power, but only 4% of that comes from non-hydro renewable sources says the report, Locked in the Past – Why Europe’s Big Energy Companies Fear Change.

Despite slowing demand, the energy companies have added 85GW in fossil capacity over the last ten years. That was a gross misjudgement, Greenpeace argues, as according to analysts about 50GW of fossil fuel capacity will have to be mothballed in Europe by 2017 if companies want to maintain their diminished 2012 profit levels.

“Europe’s energy companies are wounded animals with bleeding profits and Log in to read complete article.

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