There was very little progress at the meeting of EU energy ministers with relevancy plans to limit the costs of Russian gas. Member states did not realize a mechanism that might overcome the variations etymologizing from the massive inequality between them with relevancy the dependence of their economies on the fuel.
The ball is within the hands of the eu Commission and its President Ursula von der Leyen. Convened with high expectations and extreme urgency, the meeting of ministers responsible of energy in EU member states resulted in obscure recommendations for keeping the economy stable and a shift in direction regarding a potential worth cap on Russian gas.
“We managed to agree on a typical direction for temporary emergency measures and provides a transparent task to the commission to return forward with a sturdy and tangible proposal in a very matter of days. we'll do no matter it takes to assist our voters and firms UN agency face high energy costs,” aforementioned Czech Minister of trade and Trade Jozef Síkela, UN agency diode the meeting, however he had very little to back his claims with.
Talks result solely in tips
For now, the ministers mentioned potential EU-level measures that might be enforced within the short term. They approved the eu Commission to form proposals for capping the revenues of electricity producers that face low production prices, to impose a worth cap on gas (not simply Russian gas) and for measures for a coordinated electricity demand reduction and a liquidity boost, the eu Council aforementioned.
EU energy ministers told the eu Commission to propose a worth cap mechanism for all gas, not simply the one returning from Russia
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| Image Credit Google |
The officers liable for the energy policy in EU countries have bestowed the preparations for the winter. The council claimed the 27-member alinement is prepared. Underground gas reserves are stuffed by Associate in Nursing overall eighty two.5% of their capability, well prior to the Hallowmass point in time set within the gas storage regulation.
Electricity market reform reaches solely windfall tax discussion part
The commission was tasked with coming up with a market reform that may sever “the link between high-ticket gas and power costs,” the announcement reads. The ministers mixed up steps to skim off energy companies’ profits, whereas there have been no concrete measures to force a discount in demand – the crucial issue, the council acknowledged.
Cingolani: it's terribly troublesome to search out the solution
Italian Minister for Ecological Transition Roberto Cingolani aforementioned all EU countries have totally different energy mixes and grid capacities and adscititious “it is incredibly troublesome to search out the solution.” Namely, Hungary, the European country and FRG ar among the states that ferociously opposed the concept to cap the costs of Russian gas, that highlights their dependence on the fuel despite the with modesty optimistic stance from the eu Council.
Hungary’s Minister of Foreign Affairs and Trade Péter Szijjártó pointed to the Kremlin’s threats it might halt all gas shipments if solely the value of Russian gas is capped.
“The EU is currently experiencing tight electricity markets. this can be preponderantly because of the impact of Russia’s war against Ukrayina and connected gas offer disruptions and increase of gas costs,” the notes from the event browse.
Von der Leyen is predicted to gift the eu Commission’s proposals on Sep fourteen.
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