Home > Uncategorized > Shared Energy Future for Europe Announced

Shared Energy Future for Europe Announced

Energy 2020‘, a strategy for competitive, sustainable and secure energy in Europe has been announced by the European Commission. It states that over the next ten years, energy investments in the order of € 1 trillion are needed, both to diversify existing resources and replace equipment and to cater for challenging and changing energy requirements. Structural changes in energy supply, partly resulting from changes in indigenous production, oblige European economies to choose among energy products and infrastructures.

A common EU energy policy has evolved around the common objective to ensure the uninterrupted physical availability of energy products and services on the market, at a price which is affordable for all consumers (private and industrial), while contributing to the EU’s wider social and climate goals.

it highlights that the EU internal energy market is still fragmented and has not achieved its potential for transparency, accessibility and choice. Companies have grown beyond national borders, but their development is still hampered by a host of different national rules and practices. There are still many barriers to open and fair competition.

Currently, nearly 45% of European electricity generation is based on low-carbon energy sources, mainly nuclear and hydropower. Parts of the EU could lose more than a third of their generation capacity by 2020 because of the limited life-time of these installations. It also notes that the quality of National Energy Efficiency Action Plans, developed by Member States since 2008, is disappointing, leaving vast potential untapped.

The new energy strategy focuses on five priorities:

1. Achieving an energy efficient Europe;

2. Building a truly pan-European integrated energy market;

3. Empowering consumers and achieving the highest level of safety and security;

4. Extending Europe’s leadership in energy technology and innovation;

5. Strengthening the external dimension of the EU energy market.

The new EU energy strategy will require significant efforts in technical innovation and investment. Hopefully this will garner enough interest from innovators, entrepreneurs and traditional energy producers to create the level of innovation and investment needed. For example Bord Gáis has announced today that it has acquired a 20cp stake in Irish wave energy company Tonn Energy in a bid to further develop its renewable energy portfolio. For further information on this breaking news see here.

 

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