Europe’s Utilities Need to Spend $1.3 Trillion by 2020, IHS Says

European utilities need to invest about 1 trillion euros ($1.3 trillion) on new infrastructure by the end of the decade to secure energy supplies, said IHS Inc.

About 750 billion euros is needed for power generation, 90 billion for transmission lines and 150 billion euros to expand gas supplies and build pipelines, IHS said in a research report.

“Today the required investment is lacking,” said Michael Stoppard, chief global gas researcher. “Because of the long lead time to develop energy assets, it is imperative that the right investment framework be put in place as soon as possible to ensure long-term stability of Europe’s energy system.”

Europe has to ensure energy independence as aging power plants close and gas imports rise, according to the report.

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