By Express News Service
BRUSSELS: The European Union on Friday intensified its mission to shield the population from dramatically increasing energy prices that threaten to plunge millions into cold and poverty over the winter as tensions mount with Russia over the war in Ukraine.
The energy ministers of the EU’s 27 nations gathered in an emergency meeting and hoped to overcome differing views on proposals to bring natural gas and electricity prices back to affordability. The measures range from windfall levies on oil and gas companies whose profits have risen along with skyrocketing prices to setting a price cap on Russian gas.
Several ministers underlined that reaching an agreement would not be easy, given each country’s energy mixes, supplies and needs, but they conceded that time is of the essence if the most vulnerable people across Europe are to receive timely assistance. Russia has cut back supplies of natural gas that power factories, generate electricity and heat homes, driving up energy prices to record highs and fueling inflation that is poised to tip Europe into recession later this year.
“The big interference here is from the Russian government. They, through their acts, have used gas as a weapon of war,” Irish Transport, Environment and Climate Minister Eamon Ryan told reporters in Brussels. “We have to intervene because the whole market has been played with.”
Ryan insisted that action must be taken “within weeks, not months.” He said that this coming fall, “when we’re really going to see the high prices having effect, that’s when we need the support, that’s when we need to get some of that money.” The ministers might agree to provide support to struggling energy companies forced to buy supplies at inflated prices and back measures on ways to impose reductions in electricity use similar to those already agreed on gas.
“There is no time to wait, and we have to be swift and united,” said Jozef Sikela, industry minister of the Czech Republic, which was chairing Friday’s meeting. Despite the urgency, the ministers will only give guidelines to EU’s executive branch, the European Commission, which will present a proposal for the member states next week.
BRUSSELS: The European Union on Friday intensified its mission to shield the population from dramatically increasing energy prices that threaten to plunge millions into cold and poverty over the winter as tensions mount with Russia over the war in Ukraine.
The energy ministers of the EU’s 27 nations gathered in an emergency meeting and hoped to overcome differing views on proposals to bring natural gas and electricity prices back to affordability. The measures range from windfall levies on oil and gas companies whose profits have risen along with skyrocketing prices to setting a price cap on Russian gas.
Several ministers underlined that reaching an agreement would not be easy, given each country’s energy mixes, supplies and needs, but they conceded that time is of the essence if the most vulnerable people across Europe are to receive timely assistance. Russia has cut back supplies of natural gas that power factories, generate electricity and heat homes, driving up energy prices to record highs and fueling inflation that is poised to tip Europe into recession later this year.
“The big interference here is from the Russian government. They, through their acts, have used gas as a weapon of war,” Irish Transport, Environment and Climate Minister Eamon Ryan told reporters in Brussels. “We have to intervene because the whole market has been played with.”
Ryan insisted that action must be taken “within weeks, not months.” He said that this coming fall, “when we’re really going to see the high prices having effect, that’s when we need the support, that’s when we need to get some of that money.” The ministers might agree to provide support to struggling energy companies forced to buy supplies at inflated prices and back measures on ways to impose reductions in electricity use similar to those already agreed on gas.
“There is no time to wait, and we have to be swift and united,” said Jozef Sikela, industry minister of the Czech Republic, which was chairing Friday’s meeting. Despite the urgency, the ministers will only give guidelines to EU’s executive branch, the European Commission, which will present a proposal for the member states next week.
