Europe’s Awakening: EU Energy Commissioner Warns Against New Climate Targets

Günther H. Oettinger (Photo credit: Wikipedia)

I strongly advise against more stringent climate targets after 2020. -- Günther Oettinger, EU Energy Commissioner, Financial Times Deutschland, 5 October 2012

The EU Energy Commissioner Günther Oettinger fears the decline of Europe if energy prices continue to rise and competitiveness deteriorates further compared to the United States and other parts of the world. He wants to convince his colleagues in the European Commission to introduce an industrial policy objective instead of new climate targets. –Paul Ehrlich, Financial Times Deutschland, 5 October 2012

Britain faces an increasing risk of power blackouts and higher electricity bills in the next four years, power regulator Ofgem has warned in a report. An “unprecedented combination” of the eurozone crisis, tough EU environmental laws and the closure of ageing coal and oil-fired power stations, has increased “the risk to consumers’ energy supplies”, Ofgem said in its annual Electricity Capacity Assessment on Friday. --The Daily Telegraph, 5 October 2012

Natural gas remains “absolutely central” to efforts to curb U.K. emissions, Energy Secretary Ed Davey said. Gas plants that run more efficiently curb consumer bills and help the government meet low-carbon targets, Davey said today at the EON site in Kent, southern England. The government wants to ensure it secures enough gas as dependence on imports increases while removing “obstacles” for investors, he said. --Bloomberg, 5 October 2012

Deutsche Bank has suspended a handful of employees after it was criticised by a judge last year during a trial into tax evasion on carbon permits, a financial source familiar with the matter said on Thursday. In December, a German court sentenced six men to jail for participating in a conspiracy to evade around 300 million euros ($387 million) in value-added tax (VAT) on carbon permits between August 2009 and April 2010. --Reuters, 4 October 2012

Since 2007, the former Vice President has been preaching the benefits of putting your money where his mouth is: Alternative energy. But if Al Gore has any message for investors today, it might very well be this: “Stay the hell away from alternative energy!” --Bill Gunderson, The Street, 4 October 2012