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EU Council focuses on energy

The EU is focusing on the energy crisis. Image: Wikimedia Commons

EU countries have agreed to continue work on several emergency measures to curb high energy prices

In the face of Russia’s weaponisation of energy, the European Union has said it will remain united to protect its citizens and businesses and take the necessary measures as a matter of urgency.

European Council President Charles Michel. said, “There is a strong determination, shared unanimously, as the written conclusions attest, to act together, as Europeans, to achieve three goals: bring prices down, guarantee the safety of supply and continue to work to reduce demand.”

Countries agreed to move forward on making joint gas purchases and creating a new gas price benchmark by early 2023 that better reflects the market.

They also endorsed progress on a temporary price ceiling on natural gas transactions and called on the European Commission to “urgently submit concrete decisions” on the measures.

“We do now have a very good and solid roadmap to keep on working on the topic of energy prices,” European Commission President Ursula von der Leyen said.

The European Council reiterated the need to step up investments in energy efficiency, and future-proof energy infrastructure, including interconnections, storage, and innovative renewable technologies.

Energy prices in Spain

The average wholesale electricity price in Spain amounted to 140.92 euros per megawatt-hour in September 2022, a decline of nearly 10 percent compared to a year earlier.

Wholesale electricity ´pool´ prices have skyrocketed since 2021, the consequence of an energy supply shortage that has severely impacted Europe.

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