Energy Policies of IEA Countries: European Union 2014 Review
In October 2014, the European Union (EU) set ambitious climate and energy targets
for 2030, confirming its global leadership on climate change. But while the targets
are in place, the legal framework to implement them is yet to be developed. Energy
Policies of IEA Countries: European Union – 2014 provides recommendations on how the
targets can be reached in a cost-effective and integrated way, while fostering the
competitiveness and energy security of the European Union. The recommendations build
on the lessons learned since the first IEA in-depth review of the European Union in
2008.
Since then, EU energy policy has been driving energy market integration, cross-border
trade and the implementation of energy and climate targets by 2020. The European Union
is a global leader in transitioning towards a low-carbon economy: Europe’s unprecedented
renewable energy boom, its action on energy efficiency and the economic downturn have
all contributed to a drop in greenhouse gas emissions. However, energy security concerns
have increased. Ageing nuclear and coal plants will be shut, and EU energy systems
and markets must accommodate growing shares of variable renewable energy. The European
Union seeks to foster access to diversified gas and oil supplies to reduce dependence
on single suppliers.
Making the most of its diversity, the European Union must strengthen the internal
energy market to enhance both its energy security and the competitiveness of its industry.
Yet, important interconnections are missing, and, despite the opening of the wholesale
market and decreasing prices , concentrated and regulated retail markets do not deliver
benefits to consumers. As member states adopt different decarbonisation pathways and
energy policy choices, a strong “Energy Union” is needed with effective energy market
rules and policies that support the development of low-carbon technologies, within
the new energy and climate policy framework for 2030.
Published on December 01, 2014
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