EU energy union would bring lower energy prices, says Elering chief

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2/26/2015 2:46 PM
Category: Economy

A EU-wide energy union, which could be set up by 2020 at a cost of one trillion euros, would mean cheaper electricity and gas, says Estonian electric grid operator Elering CEO Taavi Veskimägi.

A common energy market would mean more possibilities for large energy companies and also better prices for consumers.

The idea of the plan is to eliminate so called energy islands, such as the Baltic nations and Finland, which have few energy connections to the rest of the EU.

Veskimägi said the Estlink under water power lines to Finland have cut electricity prices in Estonia. He said Estonia has always rooted for an open energy market.

“This policy is founded on five pillars of supply guarantee, common internal market, energy efficiency, climate policy and innovation,” he said, adding that the key question is how to move from words into actions.

Estonia's greatest task during the next decade is to fully split its electric grid from Russia, Veskimägi said, adding that an agreement with the other Baltic states and Poland must be reached during Latvia's EU Presidency in the fist six months of the current year.

J.M. Laats

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