WindEurope has urged European leaders to avoid revisiting the recently agreed electricity market design and instead accelerate investment in home-grown renewable energy.
The call follows discussions at the European Leaders Summit in Alden Biesen, where some heads of government suggested a potential review of the 2024 electricity market rules.
WindEurope said lower power prices come from expanding clean electricity supply with clear market-driven investment signals, warning that any move to reopen the market design would freeze investment and worsen Europe’s reliance on fossil fuel imports.
The organisation added that political interventions in 2022 had already caused wind energy investments to hit their lowest level since 2009, with turbine orders dropping 47% year on year.
WindEurope chief executive Tinne van der Straeten said: “Right question, wrong answer. The European leaders rightly discussed how to reduce power prices to ensure Europe’s industrial competitiveness. They are right that this will require much more renewable electricity.
“But tampering with the EU market design is the wrong answer. The Summits in Antwerp & Alden Biesen were meant to mobilise investments and shore up competitiveness. It would be deeply ironic if they ended up freezing the clean energy investments Europe needs to stay competitive.”
Van der Straeten added: “Europe has all the tools to stabilise energy prices and shield consumers from volatility.
“Together with the EU and national Governments we now need to agree on targeted measures to align electricity supply and industrial demand. And we must make greater use of Power Purchase Agreements and Contracts for Difference. They unlock investments by minimising capital costs, and give long-term visibility on electricity prices.”