IEA: EUROPE MUST INVEST
A top energy watchdog has warned that Europe could face an energy shortfall if power companies and oil producers failed to respond to rising demand.
In its first full update on the industry's investment needs in more than a decade, the International Energy Agency said Tuesday that investment in European electricity generation was being thwarted by insufficient prices, while in the Middle East social spending was limiting investment in oil fields.
"In Europe, we are facing the risk of seeing the lights going off," Fatih Birol, the IEA's chief economist, said at a news conference on the report's findings.
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