Eon, RWE and Iberdrola have joined with six of Europe's other leading utilities to warn that the EU's energy policies are putting security of supply at risk, the FT reported this morning.
GDF Suez chief executive Gérard Mestrallet and Paolo Scaroni, head of Italian oil group Eni, were expected to present proposals from the group of companies for the reform of the system to the European Parliament today (Tuesday).
The pair were expected to call for cuts to subsidies for renewable energy, and lobby against a binding carbon target for 2030. They were also expected to call for the quick introduction of a European capacity market to keep gas fired generators online.
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"We face a systemic industrial massacre," said Antonio Tajani, the European industry commissioner.
Mr Tajani warned that Europe's quixotic dash for renewables was pushing electricity costs to untenable levels, leaving Europe struggling to compete as America's shale revolution cuts US natural gas prices by 80pc.
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