After a significant increase in prices that started before the Russian invasion of Ukraine, but skyrocketed through the second semester of 2022, electricity and gas prices are stabilising. The prices of energy rose due to an increase in the price of natural gas, which is considered the marginal fuel. This happened because the imports from […]
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Commission sets out immediate actions to support the European wind power industry
Achieving the recently agreed EU target of at least 42.5% renewable energy by 2030, with an ambition to reach 45% renewables, will require a massive increase in wind installed capacity with an expected growth from 204 GW in 2022 to more than 500 GW in 2030. While the wind power sector is a historical EU success […]
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Council agrees on EU electricity market reform
The Council agreed its position (general approach) on a proposal to amend the EU’s electricity market design (EMD). The aim of the reform is to make electricity prices less dependent on volatile fossil fuel prices and shield consumers from price spikes, notably by improving the way the long-term electricity market works. The proposal is part of a wider reform of […]
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European Union agrees to phase down fluorinated gases and ozone-depleting substances
The Council and Parliament negotiators today reached a provisional political agreement on phasing down substances that cause global warming and deplete the ozone layer. This provisional agreement finalises negotiations on fluorinated greenhouse gases (F-gases) and confirms an informal agreement reached in June on ozone-depleting substances (ODSs). While existing EU legislation has already limited the use […]
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Up to €1.7bn of EIB finance for new solar power plants in Spain, Italy and Portugal
The European Investment Bank (EIB) has approved framework financing of up to €1.7 billion for Solaria to support the construction of some 120 photovoltaic power plants. Mostly located in Spain, as well as Italy and Portugal, they will have a total capacity of approximately 5.6 GW and will produce an estimated 9.29 TWh a year. […]
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European Parliament back plans to boost use of renewable energy
Parliament on Tuesday voted to boost the deployment of renewable energy, in line with the Green Deal and REPowerEU plans. The update of the Renewable Energy Directive (RED), already agreed upon between MEPs and Council, raises the share of renewables in the EU’s final energy consumption to 42.5% by 2030. Member states should strive to […]
Read MoreBrazil: EIB lends €300 million to Banco Santander Brasil for small-scale solar energy investments
The European Investment Bank (EIB), the world’s largest multilateral public bank, and Banco Santander (Brasil), the largest foreign bank in Brazil, have signed an agreement to foster the use of renewable energy in Brazil. Ricardo Mourinho Félix, Vice-President of the EIB, and Carlos Rey de Vicente, Banco Santander’s Regional Head for South America, signed a […]
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European Parliament approves law on sustainable marine fuels
MEPs adopted new rules on cleaner maritime fuels. During the negotiations with Council, they ensured that ships will have to gradually reduce greenhouse gas (GHG) emissions by cutting the amount of GHG in the energy they use (below 2020 level) by 2% as of 2025 to 80% as of 2050. This would apply to ships […]
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MEPs approve rules to encourage more alternative fuel stations for cars and lorries
MEPs approved new rules on more alternative fuel stations for cars and trucks, simple and easy recharging. The new rules are part of the “Fit for 55 in 2030 package”, the EU’s plan to reduce greenhouse gas emissions by at least 55% by 2030 compared to 1990 levels, and aim to decarbonise transport. More easy […]
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