European measures to reduce the impact of the energy crisis
EU leaders have again committed to protecting European consumers from an increase in energy prices.
Daniela Budu, 21.10.2022, 13:50
The impact of the war in Ukraine on the energy market continues to be one of the European leaders main concerns. They have agreed, in Brussels, on new measures aimed at keeping energy prices in check. One of these measures is the joint purchase of natural gas, so as to cover at least 15% of the necessary stocks this winter. According to France Presse, the war in Ukraine and the sanctions imposed on Russia have had a huge impact on the price of oil, gas and electricity and the European Unions reaction has been slow, due to the divergent interests of the member states. France Presse also notes that, in spite of the fact that, after tough negotiations, the bloc wanted to present an united front, there are many things that still need to be solved, therefore next weeks negotiations will be difficult.
The European Commission President, Ursula von der Leyen, said that the EU now has a very good roadmap, while the EU Council President, Charles Michel, talked about an accord on a set of measures. Meanwhile, the heads of state and government have urged the Commission to urgently inform them on concrete decisions regarding a number of measures, including those aimed to reduce the volatility of gas prices. The representatives of EU27 have also asked for negotiations with supply countries, such as Norway and the US, to be sped up. They have also demanded a specific plan for a temporary mechanism that should cap the price of the gas used to produce electricity, a device already used in Spain and Portugal and which France wants extended across the entire EU.
Attending the meeting in Brussels, Romanian President Klaus Iohannis said that the ECs solution to the high energy prices is good, but that more solutions are needed to secure energy on the long run, and at decent prices. Klaus Iohannis: “It is about capping the gas price, but in a way that does not affect suppliers but prevents exaggerated prices. We also have an initiative that disconnects the natural gas market from the electricity market. There is also a proposal for joint gas purchasing, so a number an initiatives that can help member states cope with the energy crisis.
Adding that subsidies and extraordinary measures cannot be applied on the long run, Iohannis said that a plan for the future was still needed and mentioned solutions such as diversifying energy resources, green energy and the exploitation of gas deposits in the Black Sea. (EE)
