The EU proposes to limit the income from renewables and energy consumption at peak hours

09/07/2022

Updated at 3:09 p.m.

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Bearing in mind that "we are facing an extraordinary situation because Russia is not a reliable supplier and is manipulating the energy markets", the President of the European Commission, Ursula von der Leyen, has presented a package of five initiatives to respond to the " astronomical" energy prices. These measures include imposing a Russian gas price cap that European companies can pay, limit the income of energy companies generated by renewable technologies and establish mandatory electricity savings in peak hours of consumption.

This package will be analyzed by the energy ministers of the member countries at the extraordinary meeting called for Friday by the Czech presidency. Von der Leyen has acknowledged that energy companies face serious liquidity problems due to the volatility of gas prices and admitted that the most vulnerable consumers will have to be helped. The package of measures takes into account that the proposal to accelerate the accumulation of reserves that it launched before the summer "has worked" and at the moment there is a sufficient reserve of gas in Europe and several alternative suppliers, including Norway, which for the first time has surpassed Russia in gas deliveries.

The head of the Community Executive has insisted that Vladimir Putin's regime uses energy to "blackmail" Europeans and has defended the "unity" and "solidarity" with which the Member States have faced the situation from the beginning of the invasion of Ukraine six months ago.

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