European Council rejects higher renewables target

Yesterday, the European Council rejected the 45% renewables target under RePowerEU amendments to the Renewable Energy Directive (IV), keeping the original 40% in place (RED III). The Energy Ministers also greenlighted renewable “go-to areas” for faster renewables deployment. Under temporary emergency measures, the natural gas price cap was agreed to be at the same level as the market revenue cap on renewables (180 EUR/MWh) and faster permitting times were approved, inter alia.