Oct 14, 2013 - The CEOs of Europe's 10 largest energy companies, including Electrabel's parent GDF Suez (EPA:GSZ), called Friday, at a news conference in Brussels, for stopping subsidising green power generation.
According to the energy producers, the subsidies stimulate production in a market which is already hit by overcapacity.
The executives criticised the lack of a clear, foreseeable and an objective energy policy, based on a stable and predictable regulation, and demanded a drastic change.
The lack of a good energy policy will prevent the European industry from fulfilling its potential as a source of growth and employment.
According to Gerard Mestrallet, CEO of GDF Suez, the European energy policy has run up against a wall as it failed to meet its main goals -- lower prices, lower CO2 emissions and more guarantee in energy supply.
The unprecedented news conference wants to put pressure on Europe and make it clear that the sector of wind and solar power is already a mature industry which does no longer need subsidies.