So to sum up, persistently high energy costs in Europe are here to stay, with implications for competitiveness. Efficient
and interconnected markets will be key to addressing that, but Europe has a long way to go to develop and integrate
its gas and electricity markets. If we can get it right, integrating renewables can be part of the solution. But overall,
energy efficiency will be crucial to achieving all our goals.
o The cleanest, most secure, and most affordable energy, will always be the energy we don’t use.
Europe’s energy security will therefore depend on diversification of fuels and sources, and also using less energy
ourselves. In the light of the recent developments in Ukraine, energy security clearly is something we need to think
about… but without ignoring the other parts of the trilemma – environmental sustainability, and economic prosperity.
In a world where clean energy technology development and deployment will be a much less European story, and
where the higher costs for Europe to get to a clean energy system risk eroding European competitiveness… we need
to focus on integrated markets, interconnected systems, and system-wide policies. In short, we need European
solutions to European problems.
Thank you.