Eight energy companies have united to put pressure on European leaders to tackle the issues facing the energy sector.
Siemens AG and Vestas Wind Systems A/S had already highlighted the challenges in this area, and now eight more companies have joined the campaign.
E.ON, Enel, GasTerra, GDF SUEZ, Iberdrola, ENI, RWE and Gas Natural Fenosa have all now jumped on board, in a bid to draw the attention of EU leaders and to propose policy actions that could improve the situation.
Lack of visibility in energy industry
The companies have united due to a fear that the current lack of visibility and regulatory uncertainty will lead to an absence of energy investments. This could, in turn, harm the security of supply, employment and reactivation of the European economy. According to the CEOs of these companies, simply maintaining the status quo is no longer an option.
These signatories remain committed to the EU’s ambition for an energy policy based on security of supply, sustainable development and competitiveness. What’s more, they agreed that the need for liberalisation of energy markets is also key.
EU ‘has failed to deliver some energy benefits’
However, the energy companies stated that over the past few years, the EU has not delivered all of the benefits they expected, thereby endangering security of supply and the goal of a low-carbon economy. This is also undermining their ability to attract funding.
The companies pointed out that it is not too late for the EU to overhaul its policies to promote competitive energy prices and a secure supply of energy for European citizens.
According to the group, doing this would help to revitalise energy companies’ confidence of energy firms when it comes to the attractiveness of a European energy market.