EU energy ministers to hold emergency summit on rising prices

EU energy ministers will hold an emergency meeting today amid soaring energy prices across the bloc. The meeting was called

An energy plant in the EU.

EU energy ministers will hold an emergency meeting today as the bloc seeks to address the pressures created by soaring energy prices – Photo: Krisztian Bocsi/Bloomberg

EU energy ministers will hold an emergency meeting today amid soaring energy prices across the bloc.

The meeting was called to review an EU proposal that seeks to address the problem by putting a price cap on energy sources used for electricity generation other than gas, including wind, solar and nuclear power. According to the proposal, non-gas generators’ revenues would be restricted whereas part of fossil fuel companies’ profits would be used by the government to subsidize consumers and private firms.

Discussions on the proposal began in early September. While there is a broad consensus on imposing a cap on non-gas energy prices, EU member states diverge over a similar measure on gas imports, regardless of their origin. The Russian invasion of Ukraine has led to disruptions in Russia’s gas supplies to the EU and consequently heated debates over the bloc’s energy security.

Europe’s energy crisis could worsen as winter draws close. Facing the uncertainties and risks associated with Russia, EU states are actively searching for alternative sources to fill the gap in gas supplies. Before that happens, EU is expected to approve the proposed measures to temporarily mitigate the stress on its citizens from high energy costs.