The boss of Spanish energy firm IBERDROLA believes Europe needs the Energy Union make its economy more competitive with other regions.
Speaking at the World Economic Forum (WEF) in Davos yesterday, Ignacio Galán declared: “Europe needs an Energy Union with a single regulatory body and a common set of rules.”
The chief executive of IBERDROLA, which owns British supplier ScottishPower, shared his hope that Europe’s new Commission, which has appointed a specific vice-president to address this issue “is developing this concept and will act soon”.
Galán argued that although energy prices have dropped, the costs have “gone up in the last few years because of the inclusion of environmental and social costs unrelated to the electricity supply, which account for over 50% of bills”.
He also warned finding “enormous resources” to fund new project is “one of the foremost challenges facing the energy sector in the coming years”.