SAWT BEIRUT INTERNATIONAL

| 6 October 2022, Thursday |

EU mulling energy price caps, measures to cut power demand

The European Commission is looking into options to cap energy prices and cut electricity demand as part of its upcoming proposals to tackle soaring energy costs, a senior European Commission official said on Thursday.

Russia has slashed gas deliveries to Europe since Moscow invaded Ukraine, which has sent gas prices rocketing to record-high levels and left countries scrambling to buy non-Russian gas volumes and shield consumers from soaring bills.

European Commission chief Ursula von der Leyen will outline the Commission’s ideas on capping energy prices in a speech on Sept. 14, Woersdoerfer said.

That will come a few days after European Union countries’ energy ministers hold an emergency meeting on Sept. 9 to discuss their response to a surge in energy prices that is hammering Europe’s industry and hiking household bills for the coming winter.

Brussels is also looking into taxing windfall profits companies make from soaring energy prices, Woersdoerfer said. EU countries are responsible for their national taxes, and the Commission said in May that governments can tax companies’ profits from high gas prices and use the proceeds to offset higher electricity bills.

Brussels is also looking into taxing windfall profits companies make from soaring energy prices, Woersdoerfer said. EU countries are responsible for their national taxes, and the Commission said in May that governments can tax companies’ profits from high gas prices and use the proceeds to offset higher electricity bills.

    Source:
  • Reuters