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ENERGY POLICY WEEKLY
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Contents
Energy security
EU’s ‘soft target’ on energy
savings is blow for Brussels E2
Investment & finance
EU leaders agree to boost
financial support for CCS
E3
Energy security
New Belgian government
rethinks CCGT support
E4
Data page
Decoupling of wholesale
and retail prices continues
– ACER
E5
Brussels in brief
Regular news roundup
E6
Energy industry considers solidarity
fund for LNG purchasing
Energy security
EU rethink on supply security
The European energy industry is considering a
solidarity fund for the common purchasing of LNG
cargoes as one of several measures to mitigate
potential gas supply disruptions from third countries
– including Russia.
The idea of common purchasing of LNG was
discussed briefly at the annual Gas Regulatory
Forum in Madrid earlier this month following
growing concerns about the gas price dispute
between Russia and Ukraine. The idea has been
circulating in the energy industry for a while,
although no concrete proposal has been tabled yet.
“If we anticipate disruption, maybe we should
buy some LNG cargoes for the winter. One could
envisage a solidarity fund for such pre-emptive
measures,” Walter Boltz, vice president of the Council
of European Energy Regulators, told Interfax.
Boltz said stakeholders could pool the financial
risk of LNG purchasing. “LNG is more expensive than
piped Russian gas. If there is no supply disruption,
then buyers would share the losses,” he said.
Strengthened regulation
Editor, EU Policy and Regulation
Andreas Walstad
[email protected]
Correspondent, EU Policy and
Regulation
Annemarie Botzki
[email protected]
Chief Sub-editor
Rhys Timson
Sub-editors
Doug Kitson, Rob Loveday
Layout & Design
Joseph Williams
www.interfaxenergy.com
The dispute between Kiev and Moscow over gas
debts and future payments has prompted the
European Commission to review the EU’s Security of
Gas Supply Regulation (994/2010). A proposal for a
strengthened regulation is expected by next summer.
The existing regulation was adopted in the wake
of the Ukraine gas crisis in 2009. It obliges member
states to make sure they can supply gas – at least
to household users – for a minimum of 30 days
of exceptionally high demand, or in the event of
disruption to each country’s single largest piece of
gas infrastructure during average temperatures.
However, the regulation does not enforce member
states to show solidarity during severe disruption.
“There is some weakness in the current
regulation. Coordination between member states
is relatively weak... The European Network of
Transmission System Operators [TSOs] for Gas
cannot force TSOs to act. There is no legal basis
for coordination – maybe we should have that,”
Boltz said.
“The Russians have forced the EU to rethink
■R
egulators discussed common purchasing of
LNG in Madrid
■C
ommission will review regulation 994/2010
on security of supply in gas
■M
ember states urged to show greater
cross-border coordination regarding
supply disruption
Sources: CEER, European Commission, Interfax
everything in terms of security of supply,” he added.
The need for increased cross-border cooperation
between member states was also highlighted in a
recent stress test report from the commission.
The report said member states placed greater
emphasis on national rather than regional
approaches to gas supply security. One example is in
the Baltic region, where the Incukalns underground
gas storage facility in Latvia is the only functioning
storage site in the area.
“In the Baltic region the position of [Incukalns]
is so crucial that, if it cannot [be relied on], Estonia
would run out of gas to even supply its protected
customers within five days,” the report said.
Outgoing Energy Commissioner Günther
Oettinger told a press conference in Brussels earlier
this month the commission originally wanted a
50- or 60-day supply obligation under the
regulation. However, this did not receive the
necessary backing from the European Council.
“I will be proposing that by next year the
[regulation] would be updated or work would begin
on reviewing it – that stocks for a longer period
would be covered. I hope... the higher figure would
be acceptable now in council,” Oettinger said.
However Boltz warned against being overly
ambitious on storage obligations. “It is probably
wise to avoid obligations that are too ambitious;
30-60 days actually costs quite a lot,” he said.
“We cannot forget that gas is relatively expensive
in Europe. We have to be careful not to over-do
regulation – it could push gas out of the market.”
Andreas Walstad
[email protected]
Energy Policy Weekly | 30 October 2014 | E1
ENERGY POLICY WEEKLY
EU’s ‘soft target’ on energy savings is blow for Brussels
Energy security
The 2030 targets explained
THe leaders of the 28 EU nations have failed
to agree on a binding energy efficiency
target for 2030 – a setback for the European
Commission and Parliament as well as some
member states.
EU heads of state met in Brussels on 23-24
October to strike a deal on energy and climate
targets for 2030 (see EU deal on 2030 targets
shows mixed ambitions, 24 October 2014).
The outcome of the summit was mixed – it
produced a binding target for carbon dioxide
emissions reductions by 2030, but no binding
targets for energy efficiency or renewables.
“We only have one binding target, which is
a 40% reduction in greenhouse gas emissions.
The other targets – about renewables,
about energy efficiency – they don’t have
any national targets. That is what Britain
wanted, that is what Britain achieved,” UK
Prime Minister David Cameron told a press
conference in Brussels after the summit.
France was among the nations that
had lobbied for a more ambitious energy
efficiency target. However, Paris had to settle
for a goal of 27% that will not be binding at
national level.
“France would have preferred […] to go
further on energy savings,” French President
François Hollande told journalists.
What was agreed at the European Council summit on 23-24 October?
EU leaders agreed one binding target: a 40% reduction in CO2 emissions compared
with 1990 levels by 2030. The target is a doubling of the 2020 target, which member
states are on track to meet. The 2030 target is binding at national level, meaning all
28 member states will have to reach it albeit with effort-sharing in the non-ETS sector.
Some concessions have been offered to lower-income countries, including free carbon
allowances in the energy sector and financial support to modernise carbon-intensive
power plants in those countries.
Many wanted more ambition on renewables and energy efficiency. What was agreed?
The target for renewables to comprise 27% of energy consumption by 2030 is not
binding at national level. This is in stark contrast to the 2020 target of 20%, which was
broken down to binding national targets through effort-sharing. However, national
support schemes for renewables have proved to be expensive, and many countries
lobbied against binding targets for them for 2030. The 27% target is seen as little more
than ‘business as usual’. There is also confusion as to how member states will be held
accountable if they do not reach the new target. The 27% energy efficiency target –
compared with projected energy consumption – is only indicative, and will be reviewed by
2020. There is a possibility the commission will try to introduce binding measures at
that time as it did with the 2020 target. The EU is expected to miss the 2020 target (20%) by
a relatively small margin – perhaps 1-2%.
How did the gas industry perceive the 2030 agreement?
Positive overall. The 40% CO2 reduction target combined with ETS reform may encourage
a switch from coal to gas in power generation. The absence of binding targets on energy
efficiency and renewables is also seen as positive for capacity utilisation at gas-fired power
plants, which have been struggling as a result of weak profit margins.
What are the next steps?
The commission will now have to turn the council agreement into legislation. The proposed
legislation will then have to be formally adopted by the council and parliament. This will
have to be done before the UN climate summit in Paris in December next year.
Sources: European Commission, Deutsche Bank, Eurogas, Interfax
Tougher targets
The commission, as well as a majority of MEPs,
also wanted a more ambitious deal on energy
efficiency. The commission proposed a 30%
energy efficiency target for 2030 earlier this
year – 10% lower than the limit MEPs had
previously called for.
Energy efficiency – measured as energy
savings against a projected ‘business as usual’
scenario – is seen as a key driver to reduce
import dependence on fossil fuels, including
gas from Russia. EU countries import around
66% of their gas, and almost 40% of that is
from Russia.
“A binding 30% objective for energy
efficiency by 2030 is to me the minimum if we
want to be credible,” commission Presidentelect Jean-Claude Juncker said in his mission
letter to Maroš Šefcovic, vice president for
energy union, on 15 October. Hollande
www.interfaxenergy.com
nevertheless hailed the 2030 energy and
climate package as “ambitious for the planet”.
With the agreement on the 40% target for
CO2 cuts compared with 1990 levels by 2030,
the EU now has a better position to negotiate
a global agreement, Hollande said.
The EU hopes to get big polluters such
as China and the United States on board for
a global agreement on CO2 cuts at the UN
climate summit in Paris in December next year
(see China and US will make or break climate
deal, 23 October 2014).
“It is an ambitious agreement. Of course
there will always be some people who say it
does not go far enough,” said Hollande. “But
had Europe not found an agreement, how
could we have turned to the US [and] China?”
The 40% CO2 reduction target could
encourage a switch from coal to gas in power
generation over time, analysts say. But fuel
switching would also require higher carbon
prices under the EU’s Emissions Trading
System (ETS). The commission has proposed
to reform the ETS by 2021.
However, many stakeholders in the
energy industry are calling for earlier reform
to address the 2 billion surplus of allowances
(see EU ETS reform ‘must come sooner’ than
2021, 3 April 2014).
“The ETS needs to be reformed earlier than
2021. This could be done by cancelling the
back-loaded allowances by 2020 or by moving
them into the Market Stability Reserve, which
is introduced as early as 2017,” Beate Raabe,
secretary general of Eurogas, told Interfax.
Andreas Walstad
[email protected]
Energy Policy Weekly | 30 October 2014 | E2
ENERGY POLICY WEEKLY
EU leaders agree to boost financial support for CCS
Investment & finance
The European Council, which represents
the heads of the EU member states, has
agreed to increase funding for carbon capture
and storage (CCS) demonstration projects
after 2020. The existing NER300 funding
programme will be renewed by its successor
– the NER400 programme, which will be
financed by 400 million EU Emissions Trading
System (ETS) allowances, the council agreed
on 23 October.
NER300 raised €2.1 billion ($2.68 billion)
on the carbon market for renewable energy
projects and one CCS project – the planned
White Rose demonstration project at the
UK’s Drax power station, which secured
€300 million in funding from the scheme
in July (see Glimmer of hope for CCS as UK
secures €300 mln from EU, 10 July 2014).
“The new NER400 funding mechanism
has the potential to provide a much-needed
shot in the arm to the deployment of CCS
technology across Europe, helping to
reinvigorate an industry which is crucial to
helping the world meet its climate targets,”
Andrew Purvis, general manager for Europe,
the Middle East and Africa at the Global CCS
Institute, said following the decision.
However, CCS is still seen by many as an
expensive and largely unproven technology,
and has suffered several setbacks over the
News in brief
Angela Merkel has said Germany
supports a higher renewable energy
target for Europe and will provide
more than the agreed 27% target
share. “Germany could have imagined
a higher target than 27%,“ Merkel
said following the council meeting.
“Germany will definitely do more –
[it] already has 25% renewable energy
contributing to electricity production
and we agreed [it] will continue
to receive state aid under the EU
guidelines – which is immensely
important for the Energiewende,”
she added.
www.interfaxenergy.com
CO2 emissions
800
g/kWh
Concentration of CO2 in foul gas
15
%
700
12
600
500
9
400
300
6
200
100
3
0
0
Gas-fired plant
Coal-fired plant
years. Low carbon prices under the ETS and
the global recession have dampened interest
in the technology.
“We would have liked to have seen clearer
wording in terms of the ambition level for CCS
deployment. Unfortunately, the awareness
and understanding of the urgency is too weak
in most of Europe at this point,” Jonas Helseth,
director of environmental NGO Bellona
Europa, told Interfax.
Costly and unproven
Including CCS as part of NER400 is in itself
unlikely to kick-start investment in the
technology in the EU. “However, it sends a
signal to investors that large [amounts of]
public money will be available for future
projects,” Helseth said.
“The past EU strategy of basing the
business case on the price of ETS allowances
has clearly failed, partially because of the
collapse of the ETS market and partially
because of the NER300 being based on that
same price,” he added.
The inclusion of CCS by the council
could also send a signal to the European
Commission, giving it a mandate to produce a
different strategy for deployment – including
new policy measures.
Helseth supports an emission performance
standard (EPS) that puts an annual limit on
carbon emissions from new fossil fuel plants.
“As well as the introduction of an EPS, Bellona
favours an EU-wide or at least regional CCS
certificates scheme under which deployment
is paid by fossil fuel producers,” he added.
Source: E.On
The commission is required to assess the
current CCS Directive and present a report
to the European Parliament and council
by March 2015, according to Silvia Vaghi,
principal manager for policy and regulation at
the Global CCS Institute.
According to Vivian Scott, lead policy
researcher at Scottish Carbon Capture and
Storage, much of the council agreement is
a compromise reflecting the desire of some
member states to retain large amounts of
coal generation in their energy mix because
of concerns over security of supply – such as
uncertain gas sources – and price.
While development and construction of
commercial-scale CCS projects have gone
ahead in Australia, Canada, China and the
United States, Europe is lagging behind.
The White House is providing financial
assistance to a number of CCS projects across
the US. The 2009 American Recovery and
Reinvestment Act earmarked $3.4 billion for
CCS programmes.
The world’s first commercial-scale CCS
power plant began operations in Canada in
October (see Boundary Dam pioneers CCS for
power plants, 2 October 2014). Another 12
CCS projects are in operation worldwide.
According to the commission, the cost of
capture and storage remains an important
barrier to the take-up of CCS. The capture
component in particular is an expensive part
of the process.
Annemarie Botzki
[email protected]
Energy Policy Weekly | 30 October 2014 | E3
ENERGY POLICY WEEKLY
New Belgian government rethinks CCGT support
Energy security
Electricity in Belgium, 2013
TWh/month
The new Belgian government is planning to
redesign a capacity mechanism system to
attract investment in combined-cycle gas
turbine (CCGT) power plants.
The country is facing serious risks to
the security of its energy supply as a
number of its nuclear reactors are offline
and its CCGTs have been mothballed
because they were unprofitable.
The previous Belgian government
launched a tender in February for around
700-900 MW of new gas power plants (see
Belgium awaiting EU state aid decision on
CCGT support, 22 May 2014).
Annual support of up to around
€45/MW ($136/MW) for open-cycle gas
turbine plants and around €90/MW for
CCGT plants was originally planned.
The new four-party coalition government
– led by Prime Minister Charles Michel of
the liberal Mouvement Réformateur party –
had put these plans on hold. However, the
government’s stance has changed.
The government has said it will
examine the opportunity to design a new
capacity mechanism in consultation with
neighbouring countries and re-examine
how it could comply with European
competition rules.
According to Damien Verhoeven, a
partner at Belgian law firm Liedekerke,
the previously proposed capacity
mechanism was not in line with EU law,
as it excluded support for capacity
generated outside of Belgium.
“CCGTs and gas-fired generation will
clearly remain very important to balance
the Belgian system. However, as long as
the modalities of the nuclear phase-out are
not exactly decided, very few – if any – will
invest in Belgian capacity,” Verhoeven said.
Cheap domestic nuclear power
production and an influx of renewable
energy has made gas-fired generation
unprofitable in Belgium.
“However, there is unused capacity at
Belgium’s borders. In the coming years, it is
likely that an interconnection will connect
a power plant in the Netherlands to the
Belgian grid,” Verhoeven added.
www.interfaxenergy.com
Demand
Production
0
Demand
Demand
10
20
30
Non-renewable
Fossil fuels
Nuclear
40
50
60
70
80
90
Renewables
Hydro
According to Pierre Kunsch, a professor at
Université Libre de Bruxelles, nuclear power
plants will be replaced by gas plants and
imports in the medium-to-long term.
No supply security
The government has maintained Belgium’s
nuclear capacity will be phased out
by 2025 and has confirmed it will not
install new nuclear plants to replace the
decommissioned ones.
“Instead, to avoid problems with energy
security in the short term, two nuclear
reactors – Doel 1 and Doel 2 will be kept
operational for a longer period of time,
if they can live up to safety and security
standards,” Belgian MEP Philippe de Backer
told Interfax.
The reactors’ operational life will be
extended until 2025 from the current
limit of 2015.
Belgium’s nuclear phase-out was agreed
in 1993, but after inspections found what
were described as “dangerous defects”
in the pressure vessels at the Doel 3 and
Tihange 2 nuclear reactors, they were shut
down and have remained offline.
The Doel 4 reactor was shut down in
August as a result of sabotage, with a restart
scheduled for before the end of 2014.
With three nuclear reactors –
which together cover more than 25%
of the country’s electricity demand –
not operating, the risk of blackouts
has considerably increased, according
to Kunsch.
Biomass
Wind
PV
Source: ENTSO-E,
ELIA, BC Consult
“If Tihange 2 and Doel 3 are not brought
online again, Belgium could be in big
trouble in the next few years and massive
imports of electricity from neighbouring
countries would be unavoidable, particularly
from France,” Kunsch said.
In addition, the agreed life extension
of Doel 1 and 2 may not be immediately
feasible as fuel reloads suitable for the aged
reactors have not been ordered in time to
be able to continue operations after 2015,
according to Kunsch.
GDF Suez worries
According to a recent Deutsche Bank
report, GDF Suez is worried about Belgium’s
nuclear facilities, as the problems could
drag down its 2015 earnings and it is not
clear what the future of nuclear generation
in Belgium will be.
GDF Suez has majority ownership of
seven nuclear reactors in Belgium, with a
total capacity of 6 GW.
However, four of the seven reactors were
offline at the beginning of October, with
nuclear production dropping to only one
third of total installed capacity.
“2015 earnings are likely to be impacted,
but the long-term outlook is more
favourable given the new pro-nuclear
Belgian government. Power price increases
mean there could be revenue benefits in
Belgium too,” the report said.
Annemarie Botzki
[email protected]
Energy Policy Weekly | 30 October 2014 | E4
ENERGY POLICY WEEKLY
Decoupling of wholesale and retail prices continues – ACER
Retail and wholesale electricity prices: Germany
Retail and wholesale electricity prices: Norway
€/MWh
€/MWh
100
100
80
80
Wholesale
price
60
Markup to
reach retail
price
60
40
40
20
20
0
2008
2009
2010
2011
2012
2013
0
2008
2009
2010
2011
2012
2013
The trend of decoupling wholesale and retail electricity prices is continuing in a number of EU member states, the latest annual
Market Monitoring Report by the Agency for the Cooperation of Energy Regulators (ACER) found.
“Despite continued low economic growth in 2013, energy retail prices rose in the EU. Post-tax gas prices for household consumers
rose by 2.7% (+10% in 2012) and decreased for industrial consumers by 1.2% (+11% in 2012), ” ACER said in the report.
“Household energy prices are influenced by testable charges (i.e. taxation and network charges), which usually make up more than
half of the total energy bill,” the report added.
Network charges and the costs of subsidies are contributing to the decoupling of retail and wholesale prices. While there is limited
correlation between wholesale and retail prices in Germany, the UK, and Austria, a more reasonable correlation can be found in
Norway, Sweden and the Netherlands, according to ACER.
Gas losing power
Gas consumption for electricity
production has declined compared
with 2012 levels by:
30% in Spain
20% in France
Europe’s changing gas demand*
10
5
0
-5
-10
2009-2012
-15
-20
16% in Italy
8% in the UK
2012-2013
LT LU GR SJ HU ES RO IT FI AT SE HR PT IE LV BE UK DK PL EE NL CZ FR BG DE SI
*Cyprus and Malta do not have a gas supply and so are not listed
Europe’s gas consumption amounted to 5,000 TWh in 2013, a drop of 1.2% compared
with 2012, mainly as a result of the rise of coal as the fuel of choice and the increasing
penetration of renewables in electricity production. In 11 out of 25 member states
demand for gas fell by more than 5% in 2013 compared with 2012. The trend was most
noticeable in Lithuania, Luxembourg, Greece, Slovakia and Hungary.
Source: NRAs and European power exchanges data and ACER calculations; IEA
www.interfaxenergy.com
Annemarie Botzki
in Brussels
Energy Policy Weekly | 30 October 2014 | E5
ENERGY POLICY WEEKLY
Monthly EU policy news round up
Environmental policy
Competition law
Energy security
European elections
Date
News
Country/
stakeholders
What this means
8 Oct
The European Commission ruled the UK’s plans to
subsidise the £34 billion ($43 billion) Hinkley Point
nuclear power plant are in line with EU state aid rules.
The UK plans to establish a 35-year price guarantee
for electricity produced from the plant. The British
government and EDF previously agreed on a ‘strike price’
of £92.50/MWh ($118/MWh). The UK will need about
60 GW of new electricity generation capacity to come
online between 2021 and 2030 as a result of the closure
of existing nuclear and coal power plants. Brussels said
the project could not be financed by markets alone, and
therefore the public support would address a genuine
market failure – a necessary precondition for state aid.
UK, EU28
The decision is seen as highly controversial and outgoing
Energy Commissioner Günther Oettinger said it should
not be a blueprint for other new nuclear power plants.
When the commission opened the case in December last
year, it said it had “doubts that the project suffers from
a genuine market failure”. Opponents – including the
Austrian government – said they will legally challenge the
EU’s decision. A spokesman for the Austrian government
said such long-term subsidies for a mature and deployed
technology contradicted the logic of the EU’s state aid
framework and would cause a severe market distortion.
Hinkley is expected to take around 10 years to build. The
plant is expected to be operational for 60 years.
16 Oct
The commission published the results of the first Europewide ‘stress test’ of gas supplies. The study analysed the
resilience of the EU energy system to supply disruptions,
particularly from Russia. Eastern European and Energy
Community countries would be most severely affected
– particularly Estonia, Latvia, Lithuania, Finland, Bulgaria,
Romania and Hungary – the study found. The study said
LNG is a key tool to increase supplies in case of serious
shortfalls. The study also called for increased cooperation
between member states in the case of supply cuts. Nonmarket measures – such as the release of strategic stocks,
forced fuel-switching and demand curtailment – should
only be used when the market fails, it said.
EU28, Energy
Community,
Russia
An accompanying document reiterated calls to review
the Security of Gas Supply Regulation (994/2010). This
was adopted in the wake of the Ukraine gas crisis in 2009.
It obliges member states to ensure they can supply gas
– at least to households – for a minimum of 30 days of
exceptionally high demand (supply standard). However,
the study found that a way to enforce and monitor the
supply standard is missing in many member states. The
commission said regulation 994/2010 should be reviewed
in parallel with a review of the legislative framework
covering security of supply in the electricity sector
(Directive 2005/89). A new proposal for 994/2010
is expected next summer.
22 Oct
The heads of state of the 28 EU nations agreed on
energy and climate targets for 2030. The headline
target is a 40% reduction in greenhouse gas (GHG)
emissions compared with 1990 levels. EU leaders also
agreed on a 27% target for the share of renewables in
energy consumption and a 27% energy efficiency target.
However, the renewables and energy efficiency targets
are not legally binding at a national level. The Council
also agreed a non-binding 15% interconnection target in
electricity (as a share of total power production capacity)
and more funding for carbon capture and storage.
EU28
The gas industry welcomed the 40% GHG reduction
target, which could encourage fuel switching from coal
to gas in power generation. However, many observers
expressed disappointment with what they considered
a lack of ambition on energy efficiency and renewables
beyond 2020. Energy efficiency is seen as key to reducing
the EU’s dependence on fossil fuel imports, including gas.
Furthermore, the renewables target is seen as little more
than a business-as-usual scenario. Many countries did not
want rigid targets for renewables and energy efficiency as
they see them as too costly.
22 Oct
Members of the European Parliament approved the 27
commissioners proposed by President-elect Jean-Claude
Juncker with 423 votes in favour, 209 against and 67
abstentions. Following the vote, Miguel Arias Cañete will
become the EU’s commissioner for climate action and
energy. After MEPs rejected Slovenia’s Alenka Bratušek,
Slovakia’s Maroš Šefcovic will become the EU’s new
energy union commissioner. Diversification of gas supply,
2030 energy and climate targets and reform of the EU
Emissions Trading System are some of the urgent issues
the new commission will have to deal with. It will take
office on 1 November.
EU28
Both Šefcovic and Cañete have expressed support for
a single purchaser of gas, on the condition it does not
breach World Trade Organization rules. They face tough
opposition from the gas industry and member states.
The idea of a common purchaser of gas on behalf of all
EU members was originally launched by Donald Tusk,
the Polish prime minister and incoming president of the
European Council. It is seen as a controversial idea and
does not have support from key member states – including
the UK and Germany. However, the proposal has the
backing of senior officials within the commission. The
commission is studying Tusk's proposal in detail.
28 Oct
New analysis by the European Environment Agency
showed greenhouse gas emissions in the EU fell almost
2% between 2012 and 2013, and are now 19% below the
1990 level. The study shows the EU is likely to cut GHG
emissions by at least 21% of 1990 levels by 2020, beating
its 20% target. With 14% of final energy consumption
generated by renewable sources in 2012, the EU is also
ahead of schedule to hit its 20% renewable energy target
by 2020. The EU's energy consumption is also falling
faster than would be necessary to meet the 20% by 2020
energy efficiency target – for the time being at least. The
study is based on data from 2012 and 2013.
EU28
The study said nine member states (Croatia, Cyprus, the
Czech Republic, Denmark, Greece, Hungary, Romania,
Slovakia and the UK) are on track to meet all three energy
and climate targets for 2020 – CO2 reductions, renewables
and energy efficiency. Belgium and Germany were the
only two member states considered not to be on track to
meet both CO2 reduction and energy efficiency targets.
Although the EU as a whole is on track to meet all three
energy and climate targets, this is mostly the result of the
recession and consequently lower energy demand, the
study said. The recession had also lowered investment
in renewables.
www.interfaxenergy.com
Energy Policy Weekly | 30 October 2014 | E6