Energy giants urge end to subsidies for 'green' power

The senior executives from ten utilities in Europe have recommended that the end subsidies for renewable energy if it wants to regain its competitiveness.

The heads of the ten utilities that own almost half the power capacity in Europe, argue that the market is already struggling with overcapacity.

The European Commission wants the EU to get 20 percent of its energy supply from renewable sources such as solar, wind and biomass by 2020 .

It also wants to reduce carbon emissions by 20 percent and increase energy savings 20 percent of projected levels

But E.ON CEO Johannes Teyssen euronews said that " renewable " subsidies are reaching a level which is totally unbearable. "

"This industry is the biggest kid on the block now , not a child any longer. And no child needs nutrition . Integration is needed in the market at a high level," he said .

E.On Group is part of Magritte - a collection of ten utilities in Europe. Other members are France's GDF Suez and RWE .

Companies want a single energy market and to national governments that interfere with prices.

Gérard Mestrallet , CEO of GDF Suez , said it was not the fault of Brussels for the current state of things.

" It is because of the balkanization of individual decisions taken by the member states ," he told euronews.

The companies argue subsidies for solar and wind energy are driving up prices for consumers and market distorting .

But critics say that the technology works and point out that the utility giant was too slow to invest in renewable energy .

Europe is also struggling to cope with cheap coal imports from the U.S. , Following an explosion of shale gas.

The EU energy policy and its costs will be discussed by the Heads of State and Government summit early next year.