EU reaches deal on foreign energy investors

Report of decisions made at the Transport, Telecommunications and Energy Council, Luxembourg, 9-10 October 2008 in regards to a group of proposals to develop the Internal Energy Market. The 27 Member States reached a major political agreement on the complete internal market energy and gas package.

European states will have the authority to determine whether to open their energy markets to foreign investment from companies such as Gazprom, according to a compromise agreement reached.

The agreement scales back the European Commission’s efforts to exercise greater oversight over foreign participation in the EU energy market. It is a particular victory for Germany, which receives 40 per cent of its gas from Russia and had objected to tighter restrictions.

European Commission: Energy and natural resources - Energy: Opening up energy markets http://ec.europa.eu/news/energy/081010_1_en.htm

ESO: Background information: Germany opposes tighter investment rules http://www.europeansources.info/record/germany-opposes-tighter-investment-rules/

Council of the European Union: Press Release: PRES/08/276: Transport, Telecommunications and Energy Council, Luxembourg, 9-10 October 2008 http://www.consilium.europa.eu/ueDocs/cms_Data/docs/pressData/fr/trans/103277.pdf

France: EU Presidency: Press Release, 10.10.08: Major European agreement on the internal energy market http://www.eu2008.fr/PFUE/lang/en/accueil/PFUE-10_2008/PFUE-10.10.2008/accord_energie.html

European Commission: Press Release: IP/08/1484: Council deal on energy package: a crucial step towards completing the internal energy market http://europa.eu/rapid/pressReleasesAction.do?reference=IP/08/1484&format=HTML&aged=0&language=EN&guiLanguage=en

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