They are committed to measures that can be approved quickly and that do not endanger energy security #Brussels. As energy prices continue to rise, the European Union (EU) is debating how best to deal with this dire situation. The Energy Ministers of the Twenty-seven met in Brussels yesterday with the aim of bringing positions closer together and adopting urgent measures that can be implemented as soon as possible. That urgency is double-edged, because it can lead to the most difficult decisions, such as the cap on Russian gas and mandatory cuts in electricity demand, not being supported by all European countries. There is consensus, yes, on taxing the super-corporate benefits of renewables and nuclear, on applying a solidarity rate for fossil fuel companies, and on adopting a liquidity mechanism for energy companies.
Yesterday’s meeting finally served to gauge support for possible European emergency measures. “It has not been an easy debate, but we agree that urgent action is needed and we are ready to work quickly,” emphasized Czech Industry Minister Jozef Sikela, speaking on behalf of the EU presidency.
The cap on Russian gas is the most important measure in the package presented by the European Commission last week, but also the most thorny, so that it can finally be left out of the bill to be presented next week. “We need to keep working on designing the best way to do this,” energy commissioner Kadri Simson said on this mechanism.
Despite the EU cutting Russian gas imports to 9% and its energy reserves already at nearly 83%, the bloc fears Moscow’s overall cut in the face of a possible price cap. In fact, several organizations – including the Commission and the European Central Bank – warned this week of the possibility that Europe could plunge into recession if Russia cuts supplies completely.
Within the bloc, there are also countries that are reluctant to limit the price of gas coming from this country, which could stall the debate in the European Council. Brussels put a limit on all gas imported into Europe, regardless of its origin, but the initiative is still too green to be approved. In the worst case, such a ceiling could jeopardize the continent’s energy security. As Samson himself admits, the EU must “analyze the consequences of such a measure (…). There is fierce competition in the LNG market.”
Energy efficiency and savings on consumption are two of Brussels’ big bets for the winter. The European Commission emphasized the importance of reducing electricity consumption in a coordinated way, especially during peak times when combined power plants come on the market. European countries, on the other hand, are committed to voluntary reductions in demand.
The Community Executive hopes to make progress in the remainder of this discussion and is counting on Member States’ support to reduce peak consumption by 5%. Czech minister Sikela explained that next week’s final proposal is expected to include a series of voluntary measures and a “trigger point” that would force states to implement these measures.
Where there seems to be no discussion is putting a limit on the predominant benefits of renewables and nuclear power. The idea is that this money stays in the hands of the countries so that it is used to protect vulnerable homes and businesses. In the same way, they are committed to creating a solidarity mechanism so that the profits of fossil energy companies can also be used for this. There was also broad support for the creation of liquidity and rescue mechanisms for energy companies.
Source: La Verdad
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.
