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As Russia’s war in Ukraine pushes up global energy prices, the European Union has stepped up efforts to protect its population from soaring energy costs that could leave millions cold and impoverished during the winter.
The energy ministers of the 27 member states held an emergency meeting in Brussels, hoping to overcome differing views on various proposals to keep gas and electricity prices affordable.
They range from windfall profits taxes on some companies to setting price caps on Russian gas purchases.
Officials said ministers were unlikely to reach a comprehensive deal on Friday, with the imposition of a price cap on Russian gas an open question.
They may agree to provide liquidity support to energy companies in response to exceptional circumstances and take steps to implement curtailments similar to those already agreed upon for natural gas.
“There is no time to wait, we must unite quickly,” said Czech Republic Industry Minister Jozelf Sikla, who chaired Friday’s meeting.
In the Netherlands, #nextEU We will invest heavily in offshore wind to meet our energy security and climate goals.
— Ursula Vonderleyen (@vonderleyen) September 8, 2022
Despite the urgency, with the first chills in the morning air in several northern countries announcing the start of autumn, ministers will only provide guidance to the executive committee, which will make a firm recommendation to member states next week.
Member States will then reassess again, hoping to make a firm decision early next month.
The European Commission has called for a price cap on Russian gas and is seeking a “solidarity contribution” from European oil and gas companies, which reap extraordinary profits from rising energy costs.
The energy crisis threatens not only households but also industry, with fears that energy-intensive factories may be forced to close.
European Commission President Ursula von der Leyen said Russia was “blackmailing” the EU by threatening to shut off gas to the bloc.
Moscow has partially or fully cut gas supplies to 13 EU countries.
Before Russian President Vladimir Putin ordered the invasion of Ukraine in February, Russian pipeline gas accounted for 40% of all European gas imports, but now it accounts for just 9%.
The Commission believes the EU is ready for winter with a combined gas storage of 82%; well above the 80% target set at the end of October.
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