November 29, 2022
Business

EU nations want for an immediate fix to their skyrocketing energy costs

EU nations want for an immediate fix to their skyrocketing energy costs

Energy ministers from the member states of the European Union(EU)  will gather on Friday to discuss a wide range of options for protecting consumers from sky-high energy costs as winter approaches.The talks will be based on a set of proposals made by Ursula von der Leyen, the president of the European Commission.

These include a price cap on Russian gas, a windfall tax on non-gas power plants, a reduction in electricity demand across the entire EU, and emergency credit lines for utility companies facing soaring collateral requirements.

According to EU diplomats, countries looked to be generally in favour of steps that would increase company liquidity, and some had even favoured reducing energy use.

Other ideas caused more disagreement. Most nations have not yet backed a restriction on Russian gas prices, and some are unsure how it would work given the meagre amounts of gas Moscow is now supplying to Europe.

The reduction of pricing is our primary goal. Only allowing Russian gas will not reduce prices, according to Tinne Van der Straeten, Belgium’s energy minister.

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