GE Garages – Balancing the Energy Economy – 20 January 2015

Centre for European Progression attended the Balancing the Energy Economy event organised by GE and Science|Business at GE Garages Brussels. As a consequence of tough carbon reduction targets, efforts to secure energy supply and mounting political uncertainty, energy has become a critical issue for governments, businesses, civil society and European citizens.

At the first part of the conference the speakers were explaining their views on the term called “Energy trilemma”, using these two words to summarize the challenges Europe faces in the field of Energy.. There were different interpretations of the real meaning of Energy trilemma: Cheaper – more secure – greener energy was one of them, while another invited speaker explained that it is more about a security – competitiveness – climate change challenge including the need to convince societies that energy transition is crucial for our future. They also mentioned that to speed up innovation, implement new technologies, foster energy efficiency and spread renewable energy a supportive regulatory environment is essential.

The second panel covered the Economics of Energy. To increase energy security in Europe we need to reduce overall demand, make sure the sources are sustainable and the energy flows are the most cost-effective between the member states. It was also mentioned, that investment levels are low in this part of the economy. By establishing a European single market of energy and promoting investments in this field, jobs could be created and energy security would increase. In addition to this, it was also highlighted, that there is no “one fits all solution”, every member state has to find its best way to meet its challenges and there are problems that should be tackled on national level first (e.g. insufficient internal grid capacities).