Europe to invest 200-300 bln euros in green power
ROME - European firms will need to invest between 200 billion and 300 billion euros in green power over the next 10 years if the European Union is to meet its target of cutting greenhouse gas emissions, an energy company said yesterday.
\"The renewable sector finally looks as like it will make it to the big time,\" Gareth Brett, managing director of Entergy Europe , told an energy conference.
The European Union wants 12 pct of energy consumption and 22 pct of electricity consumption from renewables by 2010 as part of its strategy to cut greenhouse gas emissions, widely blamed by many scientists for causing global warming.
Targets vary among member states and Britain has a goal of raising renewables\' share of electricity production to 10 percent by 2010 which will require an investment of about 18 billion euros, Brett said.
\"This translates into between 200 and 300 billion euros of investment in Europe which is a big opportunity for capital providers,\" he told the Power Finance conference organised by WBR.
Britain\'s plans would raise the country\'s green power output to 43 terawatt hours, the equivalent of 16,000 wind turbines, he added.
To kickstart the renewables industry, the UK has ordered suppliers to provide three percent of their power from green sources which creates a guaranteed market for green power.
In Italy, a similar system is in place with companies able to trade green certificates, verifying their output is from proper renewable sources, this year.
Brett said the sector should also receive a boost from the recent purchase by GE of Enron Wind, which brings a large industrial player into the green power industry.
Entergy, which has a 30 megawatt wind project underway in Italy, has recently put a hold on new developments including the renewable sector to reduce capital spending in the U.S. and Europe.
Brett said the company will continue work on other projects in Spain and Bulgaria although these may eventually be sold.
\"We will see through these developments but we might not hang onto them forever,\" he said.
REUTERS NEWS SERVICE
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