The renewables industry has warned that a cap on wind and solar power revenues in EU countries could do more harm than good and prompt investors to seek other shores.

Energy ministers of the 27 EU member states in a second emergency meeting today (Friday) approved a proposal made earlier by the European Commission to cap renewable, nuclear and lignite energy revenues at €180/MWh ($177/MWh). Individual member states were allowed to set higher revenue caps, or use other measures to further limit market revenues, differentiate between technologies, and to apply limits to market revenues of other actors including traders.