We fully acknowledge the political and financial pressure all European countries and many customers are under.
We agree to the importance of measures for demand reduction. This is the fastest way to mitigate the high electricity prices. The situation is challenging for many customers. We recognize this and therefore support short-term compensatory measures to vulnerable customers.
The proposed revenue cap however risks hindering investments into new fossil free electricity production, which is what the European energy market now needs more than ever. It is therefore important that the proposal is temporary. It is also important to take into account that many electricity producers hedge their production and thereby are not benefiting from high electricity prices to the same extent.
We will now analyse the proposals further and how they may impact Vattenfall.
See also
Vattenfall replies to open letter by NGOs regarding the use of biomass
On 26 April, an open letter from a number of environmental organisations was sent to several Vattenfall executives. Vattenfall has now replied to the open letter.
Comment from Vattenfall on our use of biomass
Ulrika Jardfelt, Senior Vice President Business Area Heat at Vattenfall comments on an open letter from a number of environmental organizations on Vattenfall’s use of biomass.
Pumped hydro storage: the Swiss Army knife of the energy industry
Pumped hydroelectric power stations offer the ability to store electrical energy easily, efficiently, and in large quantities. The technique is currently seeing a resurgence in popularity.