Companies Call For Single Energy Market In European Union

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European companies and associations are calling on European Union heads of state to create a single market for electricity by 2015.

European legislation has guaranteed some choice of electricity provider, but only 5% of Europe's electricity is traded across borders. As a consequence, competition is inefficient and allows electricity suppliers to pass any increase in the price of the coal and gas straight to the consumer without risk of significant loss of business, according to the European Wind Energy Association (EWEA).

A properly functioning European market in electricity would have many benefits, including the following:

– increased competition leading, in the long-term, to reduced electricity prices;

– improved security of supply and reduced risk of blackouts;

– reaping the full advantages of fuel-free, pollution-free renewable energy sources produced in ever greater quantities in many parts of Europe; and – opportunities for increased trade in electricity regardless of the source.

In order to achieve a single market in electricity, Europe needs both the infrastructure to transport electricity from one part of Europe to another, and a common set of market rules, according to EWEA.

Companies supporting the declaration include Acciona, Enercon, Enel Green Power, EON Climate & Renewables, GE Energy, Mainstream Renewable Power, PPC Renewables, RES, Siemens, SSE Renewables, Vattenfall and Vestas.

SOURCE: European Wind Energy Association

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