After the Russian government has stopped deliveries through the Nord Stream 1 pipeline, less gas is coming into Austria again. The President of the European Commission, Ursula von der Leyen, accused Russia of manipulating energy markets and promised to protect consumers from the increased prices. “Putin is using energy as a weapon, cutting supplies and manipulating our energy markets,” von der Leyen wrote on Twitter on Monday about the Russian president. “He will fail.”
The European Commission is working on proposals to help vulnerable households and businesses deal with the high prices.
Specifically, von der Leyen mentioned measures to reduce electricity consumption and a price cap for gas supplies via pipelines from Russia.
Von der Leyen proposes measures to tackle high prices
In addition, she again mentioned the possibility of supporting households and businesses with profits from energy companies – similar to the German government’s proposal to skim off excessive profits from certain electricity producers.
Von der Leyen also spoke of support for electricity producers who find themselves in payment difficulties due to the uncertainty in the market. On Friday, the energy ministers of the EU countries want to discuss the proposals of the European Commission.
Euro fell to lowest point, gas price exploded
Fears of an energy crisis in Europe have pushed the euro to its lowest level in 20 years against the dollar. On Monday morning, the European single currency fell to $0.9881, its lowest level in nearly 20 years. The last time a euro cost less was at the end of 2002. The price of gas, on the other hand, continued to rise.
Russia announces lower oil and natural gas production
Meanwhile, Russia announced it would cut its natural gas production by about 7 percent this year. In addition, oil production is likely to fall by about 2 percent, Russia’s state news agency TASS quoted Energy Minister Nikolai Shulginov as saying on Monday evening.
Source: Krone
I’m Wayne Wickman, a professional journalist and author for Today Times Live. My specialty is covering global news and current events, offering readers a unique perspective on the world’s most pressing issues. I’m passionate about storytelling and helping people stay informed on the goings-on of our planet.
