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Monday, 07 February 2011

European Council: 2020 energy efficiency targets not on track

At the European Summit on February 4, European leaders conceded that energy efficiency targets for 2020 is not on track. To meet the schedule, they demand more investment in energy infrastructure. Until 2014, they want to establish a fully functioning, interconnected and integrated internal energy market in the EU, so as to allow gas and electricity to flow freely. Major efforts are needed to modernise Europe’s energy infrastructure and to interconnect networks across borders. More solidarity between member states, the European Council notes, will make it possible to establish alternative supply routes and sources of energy in Europe. The Council also invites the Commission to table new initiatives on smart grids, while it clarifies that the bulk of the financing cost for infrastructure investments has to come from the market. To address the volatility of energy prices, the EU will further cooperate with third countries and will take this work forward within the G20.

Source: CTA/European Council