Commissioner Piebalgs on the future of the European energy market

An interview in the EU Energy Law Newsletter

In an interview on 29th March 2007 in the EU Energy Law Newsletter (Claeys & Casteels Publishing), Commissioner Andris Piebalgs threw some light on the main challenges facing the European energy market in the coming decades.

According to Piebalgs, one of the main priorities is the creation of genuine European-wide cross-border competition for electricity. He thinks courageous decisions will be necessary for both ownership unbundling and to facilitate cross-border trade.

The Commissioner also elucidated the recent targets endorsed by the European Council for mitigating climate change: a minimum of 20 per cent renewable energy, 10 per cent biofuels, 20 per cent energy efficiency improvement, and the construction of twelve Carbon Capture and Sequestration demonstration plants by 2020. He sees these ambitious targets as the leverage needed for a ‘new industrial revolution.’ According to Piebalgs, those who master the new energy technologies early will become world leaders in this area and subsequently reap huge rewards.