The recently brokered energy agreement between Brussels and Washington is facing skepticism from Markus Krebber, CEO of German energy giant RWE. While the European Union pledged to significantly increase imports of oil and gas from the United States, Krebber expressed concerns that artificially influencing market dynamics could ultimately prove detrimental to European consumers and businesses.
The agreement, solidified during trade negotiations involving EU Commission President Ursula von der Leyen and former US President Donald Trump, outlined a commitment from the EU to import energy – including oil, gas and coal – valued at $250 billion annually from the US over a three-year period. This figure represents a more than threefold increase in current import levels.
Krebber questioned the feasibility of the US substantially increasing its energy export capacity within that timeframe, suggesting that energy purchases are typically driven by price competitiveness. He further noted that neither the European Commission nor the German government has engaged in discussions with RWE regarding the implications of this energy deal.
In contrast to his reservations about the US energy agreement, Krebber lauded the recent changes within the German government, pointing to renewed investor interest and a positive trend in the stock market. He cautioned, however, that this momentum requires continued progress beyond the summer break. Implementing the planned reforms could potentially position RWE to consider increased investment within Germany.
