Renewable energy has been on a tear the past few years, with growth in many countries spurred by subsidies for
wind and solar power. Now the heads of 10 European utility companies
say EU subsidies should end, because they've got more renewable
energy than they know what to do with.
The 10 CEOs in question, who refer to themselves as the Magritte
group because they first met in an art gallery, represent companies
that control about half the power capacity of Europe. The group gave
a press conference today—
Reuters says that 10 such executives
giving a joint public statement is “unprecedented”—to hammer
home a message they’ve been trumpeting ahead of an EU energy summit
in 2014: There’s too much energy capacity, which has driven prices
down so far that they can’t make any money.
As long as there are nukes or coal plants, there’s too much capacity.
European utilities need to get on with things like Continue reading →