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ARCHIVED - Brussels scrambles for solutions to electricity price crisis
The EC is considering earlier proposals put forward by Spain to reduce energy bills
The European Commission (EC) this week confirmed that it is considering “all the possible options” to limit the high price of gas, exacerbated by the Russia-Ukraine crisis, from impacting on the already recording-breaking cost of electricity in Spain and across the EU. So far, the EC remains reluctant to adopt President Sanchez’s proposal of delinking the price of gas from other energies, but it has acknowledged that the current situation may require certain “emergency measures.”
Overall, the powers that be have now recognised that the series of tax breaks and reliefs granted last October are insufficient for curbing the impact of the invasion on Ukraine.
The EC’s energy commissioner, Kadri Simson, has committed to presenting a number of options to the major European players in the coming weeks, and although the Commission hasn’t yet specified its proposals, this does mean that temporary limits on electricity prices could be introduced globally, which would be very welcome news for struggling businesses and private consumers alike.
“The communication confirms that Member States can regulate electricity prices. It is an option that already exists, it is allowed by the European legislative framework, and we have published detailed guidelines”, Ms Simson explained.
Ultimately, Brussels has committed to keeping electricity at an affordable price without interrupting supply and to continue investing in the ecological transition.
Another part of the proposed plan would be temporarily introducing a tax on electricity companies with the aim of lightening the consumer’s bill; according to the International Energy Agency, these fiscal measures alone could generate 200,000 million euros this year and partially offset the increase in energy bills.
At the end of the day, all of these measures are designed to work towards achieving full independence for gas on Russia by the end of the decade, and cut imports from the invading nation by 80% before this year is out. In addition, the EU needs to increase the amount of gas it has stored by autumn to 90% to face the coming winter with supply guarantees.
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