Five European Energy Associations have co-signed a letter to the European Commission asking decision-makers to recognise what they consider to be “the only real sustainable solution to the current energy price crisis: a massive shift away from fossil fuels.”
The letter, signed by the European Federation of Energy Traders
(EFET), Eurelectric, the Association of European Energy Exchanges (Europex), SolarPower Europe and WindEurope outline the risks of interventions into wholesale energy prices: impairing market capacity to deliver efficient supply/demand balance, increasing the cost of the energy transition, harming suppliers and investors and reducing the welfare and climate protections of integrated European energy markets.
At the same time, the letter welcomes and encourages the European Commission’s leadership in the energy crisis and the ACER final assessment of EU Electricity Market Design, which reflects the broad consensus on the benefits of an integrated electricity market.
“Following Gazprom’s decision to stop supplying gas to two EU Member States, it is clear that the only way out of the energy crisis is to massively deploy alternative, renewable energies,” said Walburga Hemetsberger, CEO of SolarPower Europe. “More than ever, we need clear and stable market signals to accelerate the investment volumes into the energy infrastructure we need. With other measures on the table, interfering in electricity market pricing is unnecessary.”
Finally, she reminded that the solar industry is ready to step up and deliver 1 terawatt (TW) of EU solar capacity within the decade, to shield Europeans from fossil-fuel volatility.