EU Power players making moves
IN MATTERS of energy and much else, Europe's political leaders resemble Starkadder of Cold Comfort Farm. Like the rusticated rural folk in Stella Gibbons's satirical novel, Europe's politicians are in love with the Continent's backwardness. Its lack of modernisation is lovable, pretty as an alpine cowshed and just as draughty. For a long time Europeans thought energy just happened at the turn of a switch. When they looked a bit closer, they found "something nasty in the woodshed", an OPEC or a Russian oligarch, causing them to shut the door in fright, hoping it would go away. Sadly, it has not gone away and Tuesday's E29.1 billion ($46 billion) bid by Germany's Eon for Spain's Endesa is another nasty power-grab to frighten Europeans already alarmed by the unexpected irregularity of Russian gas supplies. Eon's bid is a snub to Neelie Kroes, Europe's feisty head of competition policy, who took the initiative last week, waving a yellow card at Europe's energy monopolists, Gaz de France, EdF, Eon and ENI. If Kroes had her way, they would be broken up, their pipes and power grids stripped from them and their energy stockpiles sold to the highest bidder.
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