Europe's plan to roughly double renewable power generation by the end of the decade to cut its emissions and reliance on imported Russian fuel is under threat from market turbulence that has shaken the economics of the shift to low carbon energy.
Far-reaching inflation, driven by expensive energy, has led governments to seek to cap wholesale energy costs and consider reforming markets after years of stability.
estimates governments have spent over half a trillion euros to try to lower bills for households and businesses.excess revenuesThe European Commission, the EU executive, said the step had been designed to ensure generators would still be profitable and have cash to invest in new projects - given that the running cost of wind and solar farms is far below the 180 euro/MWh cap.
"We need to obtain financing from the equity and debt markets, and in complex moments like this one, investors need clarity and stability," he said.Beyond the short-term fixes, the EU plans a major overhaul of its electricity market to decouple the price of electricity from the price of gas.
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