Given the high energy prices, EU countries have agreed on European emergency measures to save electricity and finance emergency aid. The responsible ministers agreed on Friday that energy companies will have to hand over part of their crisis profits to the state in the future, as announced by the Czech Council Presidency. This money is intended to relieve consumers. The deal has yet to be formally confirmed.
Since the price of gas has risen sharply against the background of the war in Ukraine, electricity has also become more expensive. The price of electricity is determined by the most expensive power plant that is switched on for production – currently these are mainly gas plants. Producers of cheaper electricity – for example from solar, wind, nuclear energy or lignite – can sell it at high prices.
Oil, coal and gas companies are also taking action
In the future, your income will be capped at 180 euros per megawatt hour, diplomats have confirmed. The surplus is intended to finance emergency aid for civilians. The measures will not only affect the producers of cheap electricity from (renewable) sources, but also oil, coal and gas companies and refineries. They must pay a solidarity levy of at least 33 percent on their excess profit.
Gewessler doesn’t want “experiments”
Ministers also wanted to discuss an EU-wide gas price cap today, as requested by more than half of EU countries. However, no decision can be made on this today. Energy Minister Leonore Gewessler (Greens) has demanded collateral if a price cap is introduced on imported gas.
It should be clear to all EU countries that Austria is still dependent on imports of natural gas from Russia, Gewessler said Friday before a special EU meeting in Brussels. The current proposals do not guarantee that “our suppliers will continue to supply sufficient gas to Europe if we do not pay the stated price”.
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.
