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New Energy World
New Energy World embraces the whole energy industry as it connects and converges to address the decarbonisation challenge. It covers progress being made across the industry, from the dynamics under way to reduce emissions in oil and gas, through improvements to the efficiency of energy conversion and use, to cutting-edge initiatives in renewable and low carbon technologies.
European bids to tackle energy price crisis
21/9/2022
6 min read
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.