Wednesday, October 5, 2022

EU ministers sanction move to cut down energy prices

European Union energy ministers endorsed different approaches to tackle skyrocketing electricity prices.

• September 9, 2022
European Commission

European Union energy ministers endorsed different approaches to tackle skyrocketing electricity prices at a meeting on Friday in Brussels.

They are tasking the European Commission to come up with draft bills.

The measures include skimming off excess revenues of electricity producers to make the money available to struggling households and businesses.

Others are incentivising demand reduction,  establishing a gas price cap and supporting utility companies in financial difficulties.

This means the European Commission can put forward a first draft law as early as Tuesday, which will then be discussed and potentially amended by EU capitals before it can be approved.

Czech Industry Minister, Jozef Sikela, who chaired the talks, said he wants “clarity” by the end of the month on how European Union countries can tackle the crises jointly. 

(dpa/NAN)

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