EU Energy Ministers meet to discuss rising electricity prices

Energy Ministers of the European Union will discuss the rise in gas and electricity across Europe on Wednesday (September 22nd) as some governments are taking steps to protect consumers.

Benchmark European electricity prices have more than tripled in Spain and elsewhere. This is because gas prices have been boosted by factors such as low storage inventories, high EU carbon prices and low renewable energy output.

Benchmark Europe’s gas prices have risen more than 250 percent since January.

“We will discuss with the Minister of Energy how we can tackle this challenge,” EU Energy Commissioner Kadori Simson said before the meeting.

Some governments, including Italy and Greece, say they are considering measures such as subsidies and price caps to protect citizens from rising costs as the economy recovers from the COVID-19 pandemic. ..

EU ministers will also hold the first discussion on Wednesday on proposals to strengthen EU climate change policy, including a proposal to increase the share of renewable energy in the energy mix to 40% by 2030.

“We are confident that our response must be a faster transition to renewable energy,” said Leonore Gewesler, Austrian Minister of Climate and Energy, which puts the EU “in the long run.” It will be more flexible against price fluctuations. “