The Commission clarified that it is working on 2 packages of measures – Waiting for a nightmare winter, even Germany is now asking for a cap on natural gas prices, a proposal that has been suggested for months by the Greek Prime Minister and the countries of the south.
The urgent intervention of Europe, which decides on emergency measures for natural gas and electricity, is caused by Putin’s energy blackmail. The turn of Germany is also indicative, expecting a nightmare winter and now asking for a cap on natural gas prices, a proposal that has been proposed for months by the Greek prime minister and the countries of the south.
On Tuesday, the Commission clarified that it is working on 2 packages of measures: One will be short-term measures that will be defined and announced in a time horizon of weeks, but it is also working on a long-term package for the structural change of the EU electricity market. Short-term measures are what Energy Ministers will discuss next Friday and will certainly include a cap on natural gas prices and decoupling the price of electricity and natural gas.
A turn even from traditionally conservative Berlin in favor of intervention in the energy market with Germany’s Robert Habeck sending a letter to his European counterparts asking for a cap on natural gas prices.
The complexity of the electricity market naturally also faces the problem of very high prices. That is why we will review the effects of high gas and electricity prices, said the Spokesperson of the German Economy Minister, Beate Baron.
Germany is already experiencing the agony of an energy nightmare and Olaf Scholz is trying to ensure that his country does not find itself, for the first time, in the midst of an unprecedented crisis in the European Union.
Unlike last year, gas storages are already more than 80% full and we will continue to fill them to be prepared for the coming winter, German Chancellor Olaf Scholz said.
The Belgian Prime Minister is also in favor of a maximum price for natural gas and electricity.
“To intervene in the market. Like 2008. By taking back control of the market and setting a maximum price that we, as Europe, want to pay on the wholesale market. For natural gas and electricity”, underlined the Prime Minister of Belgium, Alexander De Croix.
And the voices are growing more and more for the decoupling of the price of natural gas from that of electricity.
“The time has come to implement what I suggested to my counterparts exactly seven months ago… Ceiling on natural gas prices, disconnection of natural gas prices and electricity prices. In other words, finally, a common European response to the crisis”, stressed Greek Prime Minister Kyriakos Mitsotakis
Ursula von der Leyen’s pre-announcement of the unraveling of the European energy market inflated prices up to 245 euros per megawatt hour to eventually rise again up to 279 euros.
“Russia is attacking Europe as a whole with the weapon of natural gas and its prices have increased by 1000% of electricity”, said Kyriakos Mitsotakis.
Russian blackmail continues with the French company Engie announcing that Gazprom has informed it of a further and immediate reduction in natural gas deliveries.
We want to avoid getting to a situation where there will be interruptions (of natural gas and electricity) which could primarily affect businesses, said French Government spokesman Olivier Verand, noting that everything is possible and all scenarios are on the table .
In the event of a natural gas cut, the most vulnerable countries are Germany, Austria and Italy, according to a FITCH report. Berlin and Vienna lack sustainable short-term energy sources while Rome has one of the highest proportions of natural gas in its energy mix. The exposure risk for Greece is moderate.
We are seeing energy prices breaking one record after another, the consequences for households and businesses are no longer sustainable and what we are seeing is yes an energy crisis but it is mainly a fossil fuel crisis, European Commission President Ursula said. Von der Leyen.
Turning to a green solution, the European Commission admits that the time for urgent and deep intervention has come and the eyes of Europeans now turn to the emergency meeting of energy ministers on 9 September.
The measures in Greece
At the same time, the Greek Prime Minister announced support measures in moderation and with an eye on realistic fiscal margins.
“The Government has proven that it knows and can raise barriers to increases. He said it and he did it and he does it on the electricity bills. He says so and will continue to do so wherever and however necessary. But be careful, the resources are not inexhaustible”, said the Greek Prime Minister.
The bar of expectations is lowered and at the Thessaloniki International Fair the Prime Minister is expected to focus on the interventions of the coming months, mainly on the energy crisis and inflation.
“Our measures will always be measured and without temporary needs undermining national necessities. I say this because I hear or read – this always happens, you know, before the International Exhibition of Thessaloniki – about a “tsunami” of impending benefits, which often create false expectations”, underlined Kyriakos Mitsotakis.
The basket of benefits is fueled on the one hand by the good course of tourism and the economy, but is emptied on the other by the energy crisis.
Fortunately, the summer continues to be extremely promising for our tourism, but also for our exports and for public revenues … The international environment, however, is unfortunately covered by dark clouds, which foreshadow an extremely difficult winter. The government, however, continues to appear reassuring about it electricity sufficiency.
The Government representative stated that at this time on the table in terms of private life, there is no question of power cuts – power outages. “We must observe and record the situation accurately without panic and without beautifying,” he noted.
“Obviously we will be affected and this will have adverse consequences, but we seem to have strong endurance. Stronger than the rest of the European countries”, emphasized the Minister of Finance, Christos Staikouras.
At the TIF, the Prime Minister is expected to describe a new round of tax reliefs and subsidies with an eye on the next four years.
Baltic countries to increase wind energy sevenfold by 2030
Countries bordering the Baltic Sea have agreed to increase offshore wind capacity sevenfold by 2030 to 20 gigawatts, aiming to reduce dependence on Russian energy, Danish Prime Minister Mette Frederiksen announced today at an energy summit in Copenhagen.
Baltic Sea countries have agreed to sevenfold their offshore wind capacity by 2030, to 20 gigawatts, to wean themselves off Russian oil and gas, said Mette Frederiksen, who organized the meeting in Copenhagen, which was also attended by Germany, the Poland, Sweden, Finland, Estonia, Lithuania and Latvia.
“We have agreed to increase wind power in the Baltic Sea sevenfold by 2030,” the Danish prime minister said. “We are on the front line of European energy security,” he said. “In this war, Putin is using energy as a weapon and has brought Europe, as we all know, to the brink of an energy crisis with energy prices soaring.”
These 20 gigawatts, expected according to Copenhagen to supply electricity to at least 20 million households, “is more than the current offshore wind capacity in the whole of the EU”, stressed Frederiksen.
By 2050 wind capacity in the Baltic Sea can increase to 93 gigawatts, according to the statement issued after the summit.
“Putin’s attempt to blackmail us with fossil fuels is failing. We will speed up the green transition. We will get rid of dependence on Russian fossil fuels,” said European Commission President Ursula von der Leyen, expressing her satisfaction.
The Commission said in March it wanted to cut Russian gas purchases by two-thirds from this year and completely before 2030. Brussels then proposed raising its target for the share of renewables in the energy mix by 2030, the which could increase from 40% to 45%.
In terms of climate, the EU aims for a reduction in greenhouse gas emissions of at least 55% by 2030 and carbon neutrality by 2050.
On Monday, Denmark announced that it would increase from 2 to 3 gigawatts its wind capacity off the island of Bornholm in the Baltic Sea and connect that output to the German grid.
In May, Germany, Denmark, the Netherlands and Belgium announced a similar agreement to install almost 150 gigawatts of offshore wind power in the North Sea by 2050, making the area Europe’s “green powerhouse”.
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