EU seeks a joint approach to contain energy prices
New Delhi: Over the possibilities of harsh energy crisis in Europe, The European Union countries’ energy ministers have agreed on a common position on temporary emergency measures to curb energy prices. An upcoming winter could be harsher to the people of Europe as Russia has stopped gas supply to the European countries in the name of technical error.
After the extraordinary Energy Council meeting in Brussels, Czech Minister of Industry and Trade Jozef Sikela said, “We have asked the European Commission to present a robust and tangible proposal in a matter of days. We will do whatever it takes to help our citizens and companies who are facing high energy prices,”
EU’s Energy Commissioner Kadri Simson told the media, “There is no one solution that will significantly lower energy prices and ensures our security of supply. We need to keep up our work and our determination on all fronts: diversification of supplies, demand reduction, and investments in renewables,”
Simson said that the EU was working bilaterally with its trading partners to negotiate more affordable prices. She acknowledged that nothing was decided yet and said that “we will be proposing unprecedented measures next week.”
According to the media report, the ministers may meet again later this month to discuss and adopt the final plans.
The ministers identified four main areas where the member states expect the Commission to act, including capping the revenues of electricity producers that face low production costs, a possible price cap on gas, measures for a coordinated electricity demand reduction across the EU, and measures that would help to solve the issue of decreased liquidity.
(Vinayak)
