Eight European energy companies including Statkraft, Fortum, Vattenfall, Iberdrola, EDP, Ørsted, EDF and Engie have urged EU leaders to protect existing market mechanisms and accelerate the clean energy transition.
The companies wrote to European Commission president Ursula von der Leyen and European Council president António Costa warning against dismantling market structures that underpin investment, security of supply and affordable energy across Europe.
They said weakening the EU Emissions Trading System (EU ETS), the internal electricity market and marginal pricing could undermine investment signals needed for the energy transition.
The companies argued that predictable policy frameworks are essential to unlock large-scale investment in fossil-free and domestically produced electricity.
They added that access to sufficient and affordable electricity will be central to addressing competitiveness pressures faced by parts of European industry.
“Weakening the EU ETS will not solve Europe’s competitiveness challenges,” said Birgitte Ringstad Vartdal, president and CEO of Statkraft (pictured).
“The EU ETS delivers a clear and credible price signal that guides long-term investment into renewable power, flexibility and electrification.”