Fabio Genoese
On Friday, October 11th, the CEOs of 10 European energy utilities, which own about
half of Europe’s electricity generation capacity, convened a joint press conference in
Brussels to issue a warning that the European energy infrastructure is “in jeopardy”.
Modern power plants would soon be closed for good, because they are making losses under
the current market conditions. As a result, they warned the electricity system “may face
situations close to blackout (...) every winter from now on”. To explain the unfavourable
market conditions, they singled out the rapid increase of renewables in some member states
because of subsidies. The CEOs specifically mentioned Germany, which is currently forming
a new government. They called for an end to support for renewables because wind and solar
were mature technologies that no longer require support.