This article is from the source 'bbc' and was first published or seen on . It will not be checked again for changes.
You can find the current article at its original source at http://news.bbc.co.uk/go/rss/-/1/hi/business/7002700.stm
The article has changed 4 times. There is an RSS feed of changes available.
| Version 1 | Version 2 |
|---|---|
| European energy reform approved | European energy reform approved |
| (40 minutes later) | |
| The EU has adopted plans that would force European energy markets to be open to more competition. | The EU has adopted plans that would force European energy markets to be open to more competition. |
| Its executive, the European Commission, backed proposals meaning that energy giants must "unbundle" operations. | Its executive, the European Commission, backed proposals meaning that energy giants must "unbundle" operations. |
| This means that businesses which generate power and supply gas will not also be allowed to control the network of pipelines. | This means that businesses which generate power and supply gas will not also be allowed to control the network of pipelines. |
| Firms will be forced to either sell transmission networks or lease them to new operators. | Firms will be forced to either sell transmission networks or lease them to new operators. |
| The Commission says that the move will encourage new entrants to the sector as well as boost investment in infrastructure. | The Commission says that the move will encourage new entrants to the sector as well as boost investment in infrastructure. |
| The proposals also shield markets from outsiders such as Russia's Gazprom, which supplies about 25% of Europe's gas. | The proposals also shield markets from outsiders such as Russia's Gazprom, which supplies about 25% of Europe's gas. |
| If it wanted to enter the market, it too would have to separate its supply and network businesses under the regulations. | If it wanted to enter the market, it too would have to separate its supply and network businesses under the regulations. |
| 'Competitive' | 'Competitive' |
| The Commission's report said that the existing dominance meant that too many EU residents and firms "lack a real choice of supplier". | |
| That dominance gave the energy titans "an inherent interest to limit new investment when this will benefit competition," it said. | That dominance gave the energy titans "an inherent interest to limit new investment when this will benefit competition," it said. |
| Commission president Jose Manuel Barroso said that energy was a "driving force of our economy". | Commission president Jose Manuel Barroso said that energy was a "driving force of our economy". |
| "We need a common European response to combat climate change, to achieve greater energy security and provide abundant energy at a fair price for citizens. | "We need a common European response to combat climate change, to achieve greater energy security and provide abundant energy at a fair price for citizens. |
| "This is only possible if we have a competitive gas and electricity market." | "This is only possible if we have a competitive gas and electricity market." |
| Independent regulator | Independent regulator |
| The Commission also called for an independent EU energy agency to oversee national regulators. | The Commission also called for an independent EU energy agency to oversee national regulators. |
| Germany's E.ON and Electricite de France are among those that are tipped to be hardest hit. | Germany's E.ON and Electricite de France are among those that are tipped to be hardest hit. |
| Sam Laidlaw, the chief executive of British Gas-owner Centrica, said that the proposals were "an important step in providing more competitive energy markets for the benefit of Europe's energy customers". | Sam Laidlaw, the chief executive of British Gas-owner Centrica, said that the proposals were "an important step in providing more competitive energy markets for the benefit of Europe's energy customers". |
| "Ownership unbundling is the best way of opening up the closed shop that is the European energy market, of attracting investment and delivering better security of supply," he said. | "Ownership unbundling is the best way of opening up the closed shop that is the European energy market, of attracting investment and delivering better security of supply," he said. |
| "It should also allow better gas flows across Europe to supply our British Gas customers. For unbundling to work, though, a vital ingredient is watertight regulation, which the Commission is rightly proposing to implement." | "It should also allow better gas flows across Europe to supply our British Gas customers. For unbundling to work, though, a vital ingredient is watertight regulation, which the Commission is rightly proposing to implement." |