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EU energy authorities are worried

Commissioner Kadri Simson expressed to reporters on Friday that EU energy authorities are worried about the implications the prolonged energy crisis affecting Europe would have on the region once cold weather comes in.

During a news conference after an exceptional debate of EU energy ministers, Simson remarked, “Ministers were worried, as am I, that it would not be the easiest winter for us, and that the next season or winter will be much more difficult.”

The purpose of the discussion was to discuss the rapidly rising cost of gasoline/fuel throughout Europe and to formulate a set of emergency measures to aid European families and companies during the crisis.

As part of the deal, energy firms will have their earnings capped and any leftover cash will be returned to customers. The proposal also suggests a 10% decrease in total power consumption and mandates a 5% reduction in energy usage during peak hours for EU members.

One of the main requests presented to that same European Commission by the group of fifteen EU member states before the conference was a price ceiling on wholesale nat gas, however, the ministers failed to agree on this. The group said in a united letter that a price ceiling was the only thing that might assist the bloc in “mitigate the inflationary pressure, regulate expectations, and offer a framework in case of possible supply shortages.”

This same European Commission has still not totally ruled out instituting a price restriction on natural gas, but it has cautioned that doing so might reduce the bloc’s capacity to secure gas supply on the worldwide market. According to Lithuania’s Energy Minister Dainius Kreivys, the subject will be considered at a later time.

Russian gas exports to Europe have dropped as much as 48 percentage points this year, as per Gazprom, and as a result, hyperinflation in the Eurozone has risen into double figures for the very first time in recent memory. Damage to the Russian pipelines this week, likely caused by sabotage, has raised concerns about a rapid deterioration of the situation since it would significantly restrict future gas exports to the EU.

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