Electricity market
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Direction Wide and liberalised markets benefit consumers and society This is Fortum’s view on how electricity markets should be developed. Paula Durston Janne Harju BalaNCiNG SuBSidiES aNd iNVEStmENtS iN wholESalE markEtS Integrated, well-functioning european electricity markets are a key factor in building a european Union that functions reliably, competitively and sustainably. The aim is to integrate electricity wholesale markets by 2014. along with integrating markets, stringent climate targets are being addressed. In the long term, this means moving away from fossil fuels towards renewable energy sources like solar and wind power. Building more renewable production capacity, however, requires more than just building a power plant. additional investments are also needed in the electricity network so that electricity can be transmitted from windy and sunny regions to the points of consumption. This requires sizable investments in transmission connections between and within countries. 10 Fortum forAgendA Along with sufficient transmission connections, a challenge in the integration of europe’s electricity markets is the national subsidy mechanisms. Integrated markets should be based on harmonised regulations. This is particularly important in renewable energy production: national subsidies put a strain on the budgets of member countries and easily lead to distorted competition and a contest of subsidies between countries. Subsidies should be harmonised throughout europe and steering mechanisms should be market-driven and efficient so that the cost for societies will be minimised (e.g. green certificates). ElECtriCity traNSmiSSioN muSt BE ProFitaBlE Society puts challenging targets on energy companies in terms
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