New study shows that Europe’s energy price gap will worsen without urgent action |
|
| Today, we are publishing a new, in-depth study developed with economic consultancy Compass Lexecon, showing that a more competitive energy and climate transition is still possible but only if swift action is taken by EU legislators during the next EU cycle. |
|
| The study shows that even in the case of a managed transition, with more supportive EU policies, energy costs in Europe would be at least 50% higher than that in the US, China and India by 2050. "This will put European companies at a serious competitive disadvantage with these key competitors, which is why we need urgent action at EU level to bridge this gap so that Europe can achieve climate neutrality by 2050 without deindustrialising", warned our Director General Markus J. Beyrer. Based on the study, we have identified seven concrete |
| actions for a successful energy and climate transition. Firstly, we need to tackle the carbon cost differential and energy competitiveness gap. We also call for a massive deployment of all necessary energy sources and infrastructure. This will not only enhance the security of Europe’s energy systems but will also help reduce the overall cost of the transition. The study finds that when renewables are developed in the least costly locations and the roadblocks to their development are lifted, wholesale power prices could be reduced by almost 40%. |
|
High-level discussion on economic security |
|
| | | On 2 July, we had a timely and engaging discussion with European Commission Executive Vice-President Valdis Dombrovskis on our recent European Economic Security strategy paper and the Commission’s position on this crucial topic. "Finding the right balance between addressing security concerns and promoting European competitiveness should be the foundation of a successful strategy," emphasised our Director General Markus J. Beyrer at this very well-attended, hybrid event. Read our full paper, which includes the top five priorities for European businesses. |
|
"Securing energy at competitive prices will be central to preserving Europe’s industrial base."
Director General Markus J. Beyrer quoted by Bloomberg, 4 July 2024 |
|
EBA guidelines of the definition of default
24 June
Read the letter from Markus J. Beyrer to the European Banking Authority. |
|
|
16-19 July
First European Parliament Plenary after elections
26 July – 11 August
Olympic Games in Paris |
|
| | |
|
