EU urges EU to do more to contain energy prices

BRUSSELS, 1 Oct – PRIME. The European Union needs to do more to contain energy prices, said the head of the European Commission (EC) Ursula von der Leyen during a speech at a conference in Bulgaria, which was broadcast on the website of the EC.

“We will do more to contain skyrocketing energy prices that are weakening our economy. We must do this as Europeans together. We will discuss this in Prague with European leaders in a few days,” she said.

The EU has taken a number of measures in the energy sector over the past few months. Among other things, a mandatory minimum filling level for underground gas storages has appeared, a voluntary target has been set so far, but with the possibility of becoming a mandatory target to reduce gas demand.

EU energy ministers have agreed on a series of new measures to respond to high energy prices. The application of these measures should begin in December. These include surcharges on windfall profits from activities in the fossil fuel sector, mandatory reductions in demand for electricity during certain peak hours, capping the revenues of companies that generate electricity from cheap sources such as renewable and nuclear energy. The additional funds received by the EU states in this way can be used to support consumers, including energy-intensive companies.

European Commissioner for Energy Kadri Simson said earlier that the EU needed to take additional steps before winter to address the problem of high gas prices. The union is discussing options for limiting its value.