The energy system is the backbone of the European economy, and as such it currently undergoes a profound transition. The EU is confronted with manifold changes and challenges. Final energy costs are rising, the energy system becomes more decentralised, consumers turn into 'prosumers' and renewable energy is increasing its share in the energy mix.
Import dependency is expected to increase from around 50% of total EU consumption in 2014 to 65% in 2030 with higher reliance on gas and oil imports. At the same time the energy efficiency improvement intensifies.
BusinessEurope welcomes the 'Energy Union' strategy as an important first step to balance the EU’s energy, climate and industrial challenges better than in the past. It now needs to be transformed into a true driver of industrial growth. Action is key.
The challenge of high energy prices should receive the necessary attention through implementing a coherent and targeted approach to remove policy-driven costs. A strengthened energy policy coordination among member states, both on market and transmission side, is necessary to reap the benefits of the internal energy market. Existing EU legislation must be fully implemented and much needed cross-border connectivity projects rolled out. By implementing a determined diversification strategy, the EU should seize the opportunities coming from new suppliers entering the global energy markets and from the range of domestic resources.