The EU energy ministers meet again in an extraordinary way to decide how to intervene in the electricity market

New extraordinary meeting. This time, on September 30, three weeks after the previous one, in which the energy ministers agreed to intervene in the energy market urgently and temporarily to try to stop the inflation triggered in the EU. An intervention that plans to reduce electricity demand on a mandatory basis, in addition to placing limits on the profits of electricity companies and energy companies to, with that margin, inject money to families, companies and, also, liquidity to the futures market -already for yes speculative.

On September 30, we will finish what we started last week. I have just agreed to another extraordinary Energy Council to discuss the Commission's proposals for dealing with high energy prices. Czech Presidency, Member States and the Commission are ready to work together.

— Jozef Sikela (@JozefSikela) September 13, 2022

“On September 30 we will finish what we started last week. I have just called another extraordinary Energy Council to discuss the Commission's proposals to tackle high energy prices. The Czech Presidency, the Member States and the Commission are ready to work together”, announced the Czech Energy Minister, Josef Síkela.

The specific proposals of the European Commission will be approved this Tuesday by the college of commissioners, and broken down by the president of the Community Executive, Ursula von der Leyen, this Wednesday in the debate on the State of the Union in Strasbourg. According to preliminary documents, the final debate is still pending to establish the fundamental figures and percentages, related to the mandatory cut in electricity consumption and the limits on the benefits of renewable and fossil fuel companies.

Another key issue that remains to be ironed out is what kind of gas price cap Brussels will propose, if at all: Energy Commissioner Kadri Simson often expresses doubts about putting a price cap beyond the one coming from Russia.

“The recession is not inevitable”, repeated this Friday in Prague over and over again the European commissioner, Paolo Gentiloni, together with the EU finance ministers. But the recession is drawn in the less optimistic forecasts of the European Central Bank for 2023: -0.9% of GDP. In what conditions? In the conditions of protracted war in Ukraine and Putin turn off the tap. That is, the conditions that are being met today.

"We have to get used to the idea that the war is going to be long," NATO Secretary General Jens Stoltenberg insisted this Friday, acknowledging: "In the coming months, our unity and solidarity will be put to the test with the pressure on the energy supplies and the increased cost of living caused by the Russian war. But the price we pay is measured in money. While the price Ukrainians pay is measured in lives. Lost lives, every day.”



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