Vattenfall, Fortum and Statkraft, in a joint Nordic initiative, have committed to decarbonize the European energy system, Vattenfall announced in a statement Tuesday.
The three CEOs from Vattenfall, Fortum and Statkraft met with EU Energy Commissioner Miguel Arias Canete to express their commitments to further decarbonize the European economy and their view on how this can be achieved.
According to a statement, the companies believe that ambitious emissions reductions and economic growth can be combined.
"We believe that ambitious long-term climate targets can be reached in an affordable manner by using market instruments and sector coupling,” the CEOs stated in a declaration, adding that "hydropower will be key in meeting climate targets and integrating intermittent generation from new fossil free energy sources."
The three CEOs; Magnus Hall of Vattenfall, Pekka Lundmark of Fortum and Christian Rynning-Tonnesen of Statkraft, all represent large producers of energy in Europe, with a total combined annual production of approximately 230 terrawatt-hours (TWh) in 2017, of which 196 TWh was fossil free.
The Nordic power market is the third largest power market in Europe.
By Gulsen Cagatay