Info!
UPDATED 1 Sept: The EI library in London is temporarily closed to the public, as a precautionary measure in light of the ongoing COVID-19 situation. The Knowledge Service will still be answering email queries via email , or via live chats during working hours (09:15-17:00 GMT). Our e-library is always open for members here: eLibrary , for full-text access to over 200 e-books and millions of articles. Thank you for your patience.
magazine logo
magazine logo
ISSN 2753-7757 (Online)

European bids to tackle energy price crisis

21/9/2022

6 min read

Image of top of world focused on Europe and showing bright lights of industrialisation Photo: Shutterstock
Europe is under pressure to cap rocketing energy prices, but there is reluctance around mandatory EC measures

Photo: Shutterstock

Faced with an extraordinary energy price crisis, countries across Europe are considering a host of measures, including setting a mandatory target for reducing electricity use, capping the revenues of energy firms, and setting money aside to help poorer households. Brian Davis of New Energy World reports.

There is no set pattern for economic relief in the energy price crisis, and some European Union (EU) countries are dragging their feet when it comes to debate on capping Russian energy prices.

 

Russian President Vladimir Putin’s appalling attack on the Ukraine and the resulting rocketing energy prices has thrown many European householders’ budgets into disarray. Despite an increase in Europe’s gas storage from sources outside Russia reaching 84% of capacity in record time, energy prices continue to rise to dizzying heights.

 

New UK Prime Minister Liz Truss was quick to grasp the nettle with her very first Parliamentary statement. At the same time, European Commission (EC) President Ursula von der Leyen presented an ambitious set of proposals for consideration by the European Parliament which held a special emergency meeting a few days later to discuss the options. However, some EU Member States decided to delay taking concerted action and were concerned about the call for a ‘mandatory’ cap on Russian energy prices.

 

This content is for EI members only.
or join today for full access to this article, as well as our Knowledge resources and EI member benefits.

desc