As I mentioned before, the transition is harder in Europe because some existing plants need to go, to make way for
cleaner generation. Since demand is stagnating, established players will carry the cost of early shut-downs.
Given the choice, inflexible and polluting assets should make way. Yet today, we still see cleaner generation sitting
idle, and that needs to be addressed immediately through policy.
So to sum up my second point – integrating renewables smartly can be affordable. And if we do it right, renewable
energy can be part of the solution to addressing high long-term energy costs, not part of the problem.