“This expertise at present of the rising power costs is a transparent get up name… that we must always speed up the transition to wash power, wean ourselves off the fossil gas dependency,” a senior EU official informed reporters because the European Fee unveiled a collection of measures aimed toward tackling the disaster.
Measures EU states can take embody emergency earnings help to households to assist them pay their power payments, state assist for firms, and focused tax reductions. The Fee additionally printed a collection of long term measures the bloc ought to take into account to cut back its dependence on fossil fuels and sort out power value volatility.
“Rising international power costs are a severe concern for the EU,” Power Commissioner Kadri Simson mentioned in a press release. “As we emerge from the pandemic and start our financial restoration, it is very important defend weak shoppers and help European firms.”
Wholesale fuel costs — which have surged to report highs in France, Spain, Germany and Italy — are anticipated to stay excessive by way of the winter. Costs are anticipated to fall within the spring, however stay greater than the typical of previous years, in response to the Fee. Most EU international locations depend on gas-fired energy stations to satisfy electrical energy demand.
The Fee mentioned that within the medium time period, investments into renewables have to be accelerated. “The clear power transition is the most effective insurance coverage in opposition to value shocks sooner or later,” it added.
This can be a creating story and will likely be up to date.