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Europe's green energy faces subsidy shake-up

(Reuters, Wednesday January 26) - The European Union looks set to overhaul the way renewable energy projects and power grids are financed, launching a new type of infrastructure bond and converging the EU's tangle of overlapping subsidies. European leaders will meet in Brussels for a February 4 summit to reconcile an EU goal of getting 20 percent energy from renewable sources by 2020 with a debt crisis that has driven several EU countries to the brink of insolvency. EU energy commissioner Guenther Oettinger highlighted the difficulties ahead. "Don't kid yourself -- we don't have the machine to print new money," he told a European Parliament hearing on Wednesday. "The European Investment Bank can help us, but they are not a charitable organization. Member states... need to look at this in an innovative manner." The plans to harmonize national subsidies for renewables in the long term has caused worries in Germany, where generous subsidies have led to a surge in green power which now faces a national overhaul. The Netherlands and Spain, where wind and solar power have boomed, are also overhauling support schemes. Bron: http://www.reuters.com/article/idUSTRE70P6H520110126
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