Energy CEOs call for end to renewable subsidies

The so-called Magritte Group, featuring leaders of 10 utilities companies which together own half of Europe's electricity generating capacity, has called for an end to subsidies for wind and solar energy, which they say add too much power to a market already struggling with overcapacity.

They also called for a Europe-wide capacity mechanism that would pay utilities for keeping electric power generating capacity on standby and want the EU to boost its carbon emissions scheme, whose low prices have failed to boost low-carbon fuels like natural gas and nuclear energy.

The informal group has lobbied the European Commission and national governments to change EU energy policy, which they say has failed to achieve its triple goal of lowering prices, reducing carbon emissions and securing energy supply.

ESO: Background information: EU energy chief warns against German renewable subsidy cuts http://www.europeansources.info/record/eu-energy-chief-warns-against-german-renewable-subsidy-cuts/

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