The head of Italy’s largest power company, Enel, said European Union governments should stop subsidising renewable energy to relieve pressure on utilities struggling with economic weakness.
“If (governments) keep levying taxes and drying up all the cash flows, then all the shareholders will walk away as they have been doing,” ENEL Chief Executive Fulvio Conti told journalists in Brussels on Tuesday.
After years of recession in Europe, many analysts have declared the EU utilities sector incapable of attracting investment, with demand for power declining.
“This is true for all Europe, making the overall industry of energy uninvestable,” Conti said, also calling for an end of subsidies for renewables in EU planning, which he said needlessly raised prices for consumers.
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