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May 7, 2021

World Energy Council: Europe should forget illusion of cheap energy

Europe should forget the illusion of benefiting from cheaper energy in the future, strengthen its institutions, and advance in the innovation chapter in order to draw investments, Christoph Frei, World Energy Council (WEC) Secretary General, said on Tuesday at the European Energy Forum (FOREN) 2014 in Bucharest, Agerpres informs. He showed that each region of the world has its own specific and in Europe’s case we cannot speak of cheap energy and cheap labour force. If we take a look at regions, there are very different situations, he said. Europe must have strong institutions and must advance on the innovation line, the WEC Secretary General explained.
He also said that Romania has many resources, being the fourth gas producer in the EU, with good prospects concerning the unconventional gas reserves, adding that investment drawing and balance are essential in Romania. He mentioned Romania is placed 9th out of 129 countries in terms of energy security, which is extraordinary, however, in terms of investments Romania ranks 70th, which shows a need to improve the climate.
Energy consumers to qualify for energy performance contracts to cut bills
As of yesterday, energy consumers are allowed to conclude energy performance contracts with specialist companies to cut utility bills, Chairman of the National Romanian Committee of the World Energy Council Iulian Iancu told at FOREN 2014.
‘Its most important element is the energy performance contract. That is, from now on, any consumer that is no energy expert and want his or her utility bills cut may cede his or her energy contracts to a company called esco, an energy services company. Thousands of such companies will emerge to take care of one building, such as Parliament Palace, or the Marriott Building, a kindergarten, the x hospital, to headquarters of public institutions,’ said Iancu.
He added that such contracts will not be mandatory. ‘Because there is a certainty bills will be smaller. If he or she manages alone, he or she will always pay more. This way, someone undertakes under contract to pay a declared price. If, for instance, someone pays 1 million euro in energy bills now, he or she can keep the same price for seven years. The energy service provider get the million each month, has a contract with a bank to replace equipment with pieces of equipment that reduce consumption by 50 percent. The service provider uses efficiency to earn money, while the consumer is sure to pay the same price for a given period of time,’ Iancu explained. He added that the same instrument is available to household consumers as well.
The WEC Romanian National Committee organises in Bucharest, between June 22 and 27, the Central & Eastern Europe Regional Energy Forum – FOREN 2014 with the main theme ‘Tomorrow’s Energy: From Vision to Reality.’
The event counts over 600 participants from 15 countries – leaders of the energy industry, representatives of local and governmental authorities, decision-makers of Romania and other states, representatives of the academic world, developers and investors.

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