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With its Clean Energy for All Europeans Package, the EU aims to be a global leader in the low-carbon economy transition.
The Clean Energy for All Europeans Package provides an integrated approach to EU energy policy and proposes useful measures to adapt market rules to new generation and consumption patterns. It restores some market signals and a level playing field for all energy sources, empowers consumers and new players, and rewards flexibility. However, some key investment signals are still missing.
As US business in Europe, we have a unique stake as both investors and energy users.
Clearing the hurdles for renewable energy in Europe
Corporate procurement of renewable energy is making a sizeable contribution to energy and climate objectives. In the EU, this business model has yet to live up to its potential compared to other regions of the world, particularly the US, where corporate procurement of renewable energy represents over 8GW.
Removing obstacles to Power Purchase Agreements (PPAs) for renewables could help the private sector achieve the EU’s 2030 targets, despite reduced public funding for renewables.
Reaching agreements on PPAs
Track progress in removing administrative hurdles
Develop interconnection and market coupling to support cross-border PPAs
Doubts about access to Guarantees of Origin (GOs)
Increase transparency and harmonisation for issuing GOs
Administrative requirements make it more costly to develop renewables
Support investment in infrastructure and storage and balancing mechanisms to better integrate renewable energy into the grid