Sunday, June 24th, 2018

Big utilities shunned green energy at their peril: Greenpeace

BRUSSELS/PARIS (Reuters) – Europe’s 10 biggest utilities, produce more than half of Europe’s power, but only a tiny percentage is from the new green energy sources that could revive their profits, a report from campaign group Greenpeace said on Thursday. Traditionally profitable utility companies have been hurt by an EU-wide shift towards renewable power that has created pro-sumers – or consumers with their own sources, such as solar panels, which enable them to sell back power to the grid. While the uptake in renewables has been spurred by EU policy and subsidies, the top 10 utilities largely stuck to old business models for which they are now paying the price, Greenpeace’s report said. It calculates the big 10 generated 58 percent of power within Europe, but only 4 percent of this was from non-hydro renewable sources, such as solar and wind, in 2012.

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