Nov 09, 2006 -- M2 PRESSWIRE

 

Energy Minister speaks to Brussels think tank as new report ranks the UK's energy markets the most competitive in the EU and G7.

The formation of a European Union energy policy and the need for member states to resist economic nationalism in the energy sector.

These are the messages that Malcolm Wicks will underline today in a speech to the Friends of Europe think tank. His speech comes as a new study finds that the UK's electricity and gas markets are the most liberalised across the EU and the G7.

The report - Energy Market Competitiveness Rankings for the EU and G7 - by Oxford Economic Research Associates (OXERA) highlights that the UK is performing exceptionally well in terms of its degree of energy markets liberalisation, and has the highest level of competitiveness, scoring 9.2 out of 10. (Finland is second on 8.6 and Germany came in sixth with a score of 7.4.)

The leading position has been maintained since the study began in 2002 and the report's data also shows that the UK is likely to remain in the top spot throughout the decade.

Commenting ahead of his speech, Malcolm Wicks said:

"Britain has led the way in opening up its energy market and in encouraging other members to do likewise. As this OXERA report demonstrates the UK is the most liberalised in the EU and G7.

"Moving forward to meet the formidable challenges of increasing European competitiveness, securing our supply and fighting climate change it is essential that a common European Energy Policy is developed.

"The need for this is clear. As we found out last week serious power shortages across mainland Europe can and do happen. Single markets here undermine our free market messages to developing countries and the Stern report left no doubt that action to reduce emissions is needed now rather than later. I expect the Commission's Strategic Energy Review early next year to consider these issues closely."

Notes to Editors

* Malcolm Wicks will be attending the Friends of Europe conference on Energy Europe at La Biblioteque Solvay in Brussels on Thursday 9 November. For more details click here - http://www.friendsofeurope.org/ * The OXERA studies are independent reports conducted on behalf of the DTI. For previous competitiveness reports and methodology click here: http://www.dti.gov.uk/energy/markets/competitiveness/page28432.html

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