9/14, 4:00 PM (Source: TeleTrader)
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Record power prices to accelerate green transition - EU

Record high power prices in the European Union show that the bloc should move away from fossil fuels and speed up the green transition, Commissioner Frans Timmermans (pictured) said on Tuesday.

European power prices have doubled this year due to increased coal and gas prices, soaring CO2 prices and an uncharacteristically low renewable energy output. The EU's Green Deal is meant to rework its economy to reach net-zero greenhouse gas emissions by 2050.

"Had we had the Green Deal five years earlier, we would not be in this position because then we would have less dependence on fossil fuels and on natural gas," Timmermans told the European Parliament, explaining that costs of renewable generation have remained stable despite soaring fossil fuel prices.

Breaking the News / TT