Budapest Post

Cum Deo pro Patria et Libertate
Budapest, Europe and world news

EU backs one emergency energy plan. Now for the next one

EU backs one emergency energy plan. Now for the next one

The message from this week’s EU energy ministers’ crisis summit? Get used to EU energy ministers holding crisis summits.

The energy emergency gripping Europe will be a long haul — and next winter could be even worse.

Ministers meeting in Brussels on Friday secured a deal on the bloc’s latest package of relief measures. It's one they hope will help to protect households and businesses from cripplingly high energy bills and the specter of power outages this winter caused by Vladimir Putin’s war on Ukraine and his squeeze on Europe’s gas supply.

By any previous standards, the plans are radical. But the European energy emergency has made what was once unthinkable, unavoidable.

Countries will ration electricity by 5 percent at peak hours this winter, on top of previous commitments to bring down gas usage. They also signed up to tax energy company windfall profits to the tune of €140 billion. This will be spent supporting households and businesses over the winter.

Before the ink was dry on the agreement, the discussion among ministers immediately shifted to how much further the bloc needs to go.

“We need to do more,” Energy Commissioner Kadri Simson said after the summit — already the third emergency meeting since July.

She pledged that a new “EU-level market intervention” to curb gas prices would be part of the next set of measures. Precisely what form that will take is now subject to an increasingly fraught debate within the bloc. It is an argument that looks set to drag, even as the nights lengthen and temperatures fall.

Before Friday’s meeting, a group of 15 countries had written to the Commission calling for "EU-level market intervention" in the form a bloc-wide cap on the price of all imported gas. They were left frustrated by the response: an informal policy note that left no room for a meaningful progress on the issue at Friday's summit.

Simson said that the Commission would work with countries ahead of next week’s informal EU leaders' summit in Prague to “develop” ideas of what the next intervention should look like. Possibilities including an EU-wide limit on the price of gas used for generating electricity; negotiations on lower prices with friendly country gas suppliers like Norway and Algeria; and capping the price of gas imports from Russia alone.

Jozef Síkela, the Czech Republic’s industry and trade minister, who chaired the summit, said he was ready to call "as many extraordinary councils as are needed in order to implement the necessary legislative acts as soon as possible.”

The next interventions in the gas market must, he said, “decrease the price of gas without motivating too high consumption. There is still a threat that there won’t be enough gas this or next winter.”

After this week’s sometimes fractious discussions over the price cap, another key priority will be to maintain EU unity.

Some countries pushing for a bloc-wide cap on gas imports were taken aback when Germany, which is resisting the measure, announced on Thursday a huge €200 billion package to shield its own households and businesses from rising gas prices.

“Just Germany can afford such a thing,” said one EU diplomat. Italy went public with its concerns.

Síkela, seemingly reading the mood among countries, pointedly highlighted the importance of unity in comments ahead of Friday’s summit.

“I expect unity and solidarity,” he said, when asked about countries such as Germany. “We are in a war and the decisive battle will be this winter. We need to stay united and we need a high level of solidarity.”

Whatever drastic measures come next, everyone should buckle up for the long haul, said one Commission official.

"The gas price cap discussion is being presented by some member states as a silver bullet,” the official said. "There is no single solution … this will not be over soon. Nor will it be easy."

AI Disclaimer: An advanced artificial intelligence (AI) system generated the content of this page on its own. This innovative technology conducts extensive research from a variety of reliable sources, performs rigorous fact-checking and verification, cleans up and balances biased or manipulated content, and presents a minimal factual summary that is just enough yet essential for you to function as an informed and educated citizen. Please keep in mind, however, that this system is an evolving technology, and as a result, the article may contain accidental inaccuracies or errors. We urge you to help us improve our site by reporting any inaccuracies you find using the "Contact Us" link at the bottom of this page. Your helpful feedback helps us improve our system and deliver more precise content. When you find an article of interest here, please look for the full and extensive coverage of this topic in traditional news sources, as they are written by professional journalists that we try to support, not replace. We appreciate your understanding and assistance.
Newsletter

Related Articles

0:00
0:00
Close
Senate Scrutinises AI-Driven Personalised Pricing
Spain Seeks Mainland Transfers for 1,100 Children Stranded in Ceuta
Spain and Morocco Trade Blame After 72,000 Migrants Enter Ceuta
AI Is Remaking the US Economy, From GDP Growth to iPhone Prices
Europe’s Heat and Drought Are Now Disrupting Power, Shipping and Tourism
Europe’s Drying Rivers Trigger Power Cuts, Factory Shutdowns and Wildfire Emergencies
Record-Low Danube Forces Nuclear Cuts and Emergency Power Curbs
Danube Drought Forces Hungary’s Paks Nuclear Plant Into Full Shutdown
Ceuta Death Toll Rises as Spain and Europe Clash Over Border Response
Valued at $109 Million: F-35B Fighter Jet Crashes in Southern California
Record-Low Danube Exposes Probable Mammoth Remains in Bulgaria
US Says It Has Carried Out Heavy Strikes on Iran After Attempted Attacks on Its Forces
The AI User Nightmare: Private Claude Conversations Leaked to the Internet
Over 24 Hours in the Air: Qantas Airbus Completes Record-Breaking Test Flight
Massive Wildfires Ravage Southern Europe: Fatalities in Greece and Evacuations Across France, Spain, and Turkey
Nvidia Reportedly Takes Vast Texas Data-Centre Lease to Underwrite AI Expansion
FIFA’s Private-Investment Plan for World Cup Rights Draws European Revolt
Apple Briefly Crosses Five Trillion Dollar Valuation as Investors Retreat From AI Bets
Fresh Heatwave Threatens to Rekindle France’s Historic Wildfire Crisis
Following OpenAI's Cyberattack: 'Most Companies Still Do Not Understand What Is Coming'
OpenAI Sued After ChatGPT Allegedly Discouraged Emergency Care Before Near-Fatal Embolism
Miliband Sets Climate and International Law at Centre of UK Diplomacy
Czech Central Bank Governor Rejects Early Euro Entry and Rate-Cut Pressure
Trump Readies New Tariffs as Temporary Global Levy Nears Expiry
Vivienne Westwood Casts Cicciolina, 74, in Its New Autumn Campaign
Dejavu: Germany’s Military Expansion Reshapes Europe’s Strategic Balance With France
Morgan Stanley Builds a Wall Street Lead in AI Infrastructure Finance
High Prices Push Coffee Drinkers Toward Whole Beans and Home Brewing
Trump Draws Boos and Podium Scrutiny at Spain’s World Cup Triumph
Brilliant move: Péter Magyar Moves to Nominate Chess Grandmaster Judit Polgár as Hungary’s President
Spain Defeats Argentina in Extra Time to Win Second World Cup
Current AI Seeks to Build an Open Global AI Infrastructure Outside Big Tech Control
Germany’s Economic Malaise Reopens the Sunday Shopping Debate
Proposed U.S.-Saudi Nuclear Pact Could Permit Limited Uranium Enrichment Under International Safeguards
Netherlands Declares Water Shortage Emergency After Drought Pushes Rivers to Historic Lows
Why Kentucky Fried Chicken Became KFC—and Why the False Explanations Persist
Ukrainian Drones Strike Wildberries Warehouses Deep Inside Russia
Reported CIA Mission Helped Clear the UAE’s Path to Advanced US AI Chips
Artificial Intelligence Capital Fuels Markets While Governments and Regulators Face Mounting Strategic Tests
China’s Moonshot’s Kimi K3 Narrows the Gap With Anthropic Through Scale, Openness and Lower Cost
The Ledger Will Not Trust on Faith
Trump Administration Pressures Banks to Restrict Financial Access for Undocumented Immigrants
Passenger Bound for Germany Refused to Sit Beside a Woman on a Plane — Then Slapped a Flight Attendant
Ukraine’s Leadership Rift Spills Into the Streets as Protesters Target Army Chief
Ukrainian Drone Barrage Kills Eight and Strikes Russian Logistics Network
The Ten World Cup Finals That Defined Football History
Smartphones Are Getting More Expensive, Sales Are Collapsing, and Even Apple Admits: "Prices Will Rise"
The Monaco Bombing Has Become a Test of Ukraine’s Intelligence Accountability
Leadership Change and Strategic Rivalry Redraw the Political Map
The AI Race Enters Its Infrastructure Era
×