EU proposes €140-billion plan to curb soaring energy prices

[Germ]

https://www.theglobeandmail.com/busines ... s-to-ease/

The European Commission has proposed an unprecedented intervention in the energy market in an attempt to slow rocketing prices on the continent due to Russia’s war on Ukraine and the weaponization of its energy resources.

The European Union’s executive plans to raise more than €140-billion to shield consumers from high prices by skimming off revenues from low-cost electricity generators and fossil fuel companies, which are making windfall profits. It will also require countries to cut electricity consumption by at least 5 per cent during peak hours, and ask them to reduce their overall electricity demand by at least 10 per cent until the end of March.

Member countries will be able to use their share of the €140-billion to provide income supports or consumer rebates, or invest in renewables or energy efficiency.

Retail electricity prices in the EU have increased by almost 50 per cent year-on-year from July, 2021, largely due to high prices for the natural gas that fuels much of the power production in the bloc. At the start of this month, Russia said it would not reopen its main Nord Stream 1 pipeline to supply Europe – the latest in a string of supply cuts, for which Moscow blames Western sanctions imposed over its invasion of Ukraine.

And energy prices are expected to remain high spurred by the risk of further disruptions of Russian natural gas supplies to the EU.

Commission president Ursula von der Leyen told the EU Parliament in Strasbourg on Wednesday that the bloc must be resolute in its response to the Russian aggression and manipulation that is affecting global and European energy markets.

Electricity companies producing electricity at a low cost are “making revenues they never accounted for, they never even dreamt of,” she said.

“In these times, it is wrong to receive extraordinary record profits benefitting from war and on the back of consumers. In these times, profits must be shared and channelled to those who need it the most.”

Calling the proposals “unprecedented,” executive vice-president of the European Commission Frans Timmermans said the measures are “a necessary response to the energy supply shortages and high energy prices affecting Europe.”

[xkhan]

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[xkhan]

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