Eurelectric chief Ruby issues ‘67 billion or bust’ warning on grid investment
(Kristian Ruby delivers his opening speech. Photo: Eurelectric)
He says multi-billion grid investment is vital for Europe’s economic growth
“It’s 67 billion euros or lights out” warned Eurelectric secretary-general Kristian Ruby today.
The 67 billion in question is the annual price tag Eurelectric has put on investing in Europe’s distribution grids every year between now and 2040.
And for anyone who thinks that is a daunting figure, Ruby put it in context against the 451 billion euros that Europe spends each year on importing fossil fuels.
Speaking at Eurelectric’s Power Summit in Athens, Ruby said it is “a strategic and immoral fallacy” to believe that Europe cannot afford this sum and should turn its back on the energy transition.
“We have a direct economic interest in making this investment. If we don’t invest, we will miss out on our electric future, we are going to miss our climate targets, and we are going to stay in the pockets of the pushers of fossil fuels who do not share our values.”
The scale of the grid investment needed is outlined in a new “bottom-up study” study launched today by Eurelectric called Grids for Speed.
Grid investment for economic growth
In a press conference, Eurelectric president Leonhard Birnbaum said that any increase in investment, innovation and infrastructure depended on Europe showing growth as an economy.
“We can get that money if we have the right regulation. If there is the money, then we as an industry will sort out supply chain, labour and more. The money is there – it can be mobilized.”
And the urgency of a coherent European investment plan was also stressed by Ruby in his keynote speech, in which he highlighted how “foreign investments in Europe have dropped off a cliff”.
He also used his speech to stress the role of energy in a time of rapid geopolitical change. “The pace of history has gone to warp speed in the last few years.
“Electricity is the lifeblood of modern society: it’s about hospitals, transport, payment systems and our very security.
In the new world order we need to look out for ourselves more in Europe… and reliable electricity is an answer to that.”
And he concluded: “The green race is on and none of us want to have to admit to our wives, husbands or children that we couldn’t deliver.”
Click here for more on the Grids for Speed study.
Originally published on enlit.world
