A group of some of Europe’s largest electric power companies have lashed out at EU renewable energy subsidies, according to a report by Reuters on October 11th.

The companies, which account for half of Europe's power-generating capacity, are concerned that renewables are compromising energy security.

"We cannot have a renewables society without security of supply," Peter Terium, chief executive of Germany's RWE, is quoted as saying.

The EU’s current target is to increase the use of renewables to 20 percent, cut carbon emissions by 20 percent and increase energy savings to 20 percent of projected levels. New proposals, extending the EU’s targets to 2030, are expected later this year.

The utilities, which call themselves the Magritte Group, say that 51 gigawatts of modern gas-fired generation assets—the equivalent of the combined capacity of Belgium, the Czech Republic and Portugal—have been shut, as generous feed-in-tariffs for renewable sources of electricity generation have distorted the market. But the group argues that gas-fired capacity is necessary back-up to intermittent renewable power.