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HomeBusinessEU leaders to continue with energy prices relief

EU leaders to continue with energy prices relief

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EU leaders are set to continue with measures to protect consumers from high energy prices that reduced industrial production.

They will meet on October 21 and 22 to discuss the spike in energy prices and a “toolbox” the EC published this week.

Furthermore, the toolbox confirmed the measures which national governments can use to immediately relieve consumers.

According to Reuters, a draft of the leader’s conclusion invites the EU and the commission to use the toolbox.

The draft added that it’s necessary to provide short-term help to the most vulnerable population and support European companies

Twenty EU states had enacted such measures as of Wednesday, including price caps, tax cuts and subsidies for poor households.

Moreover, analysts expect the number to grow more, as Germany plans to cut the surcharge on energy bills.

The cuts to consumers’ bills will assist in funding renewable energy projects.

The EC said it’ll assess the measure in the long-term to protect countries against price spikes, including joint gas purchases.

The EU leaders will ask the Commission to “consider medium and long-term measures to mitigate excessive price fluctuations.”

They added in the draft conclusion, “also, to increase EU’s energy resilience and ensure a successful transition to green energy.”

According to the draft, EU ministers will act immediately at an emergency meeting on the energy price on October 26.

The leaders will ask the European Investment Bank to review its capital headroom to boost investments in the green transition.

Besides, European governments own the bank, which needs to have “a view to reducing future risks of disruption.”

Brussels said that a faster transition to green energy is the best defense against future spikes in prices.

This is because it would decrease the exposure to the fluctuating price of imported fossil fuel.

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