Europe’s vulnerability to problems with imported gas and oil costs, according to Europe’s energy chief, is one trillion euros of investment over the next decade.
European Union Energy Commissioner Guenther Oettinger has launched a call to bolster networks and strengthen solidarity.
In Brussels, he said that even though Europe’s internal market is founded in law, and this EU law is integrated into the member states’ own national statutes, in practical terms, of open competition translating into a range of offers for the consumer, Europe’s internal market is still in its infancy.
Oettinger’s one trillion euro plea came a day after the International Energy Agency forecast global oil supplies will peak around 2035, costing $200 a barrel, more than double today’s price.
He said electricity bills will be driven up by huge investments in green energy sources, such as North Sea wind turbines or Mediterranean solar panels, but that binding laws on energy efficiency can help.