“Putin is manipulating our energy markets and using natural gas supplies as a weapon,” said the President of the European Commission.
“This is a cynical game by Putin and for us it is a test of unity and solidarity. Europeans have the financial strength, creativity and team spirit to win this endurance test and have the upper hand,” European Commission President Ursula von der Leyen said to a very small group of media in Brussels, among including APE-BE and ERT.
At the same time, he notes that “Putin is manipulating our energy markets and using natural gas supplies as a weapon. The final mask fell on his latest pretext to cut off deliveries via Nordstream1.
Our policies to diversify away from Russian fossil fuels are paying off. Norway for example delivers more gas to the EU so far than Russia. In addition, Europeans store large quantities of natural gas. Storage tiers are filling up faster than planned. We are prepared.”
“We need to save electricity in a smart way. We will focus on reducing electricity during peak hours. We will therefore work with Member States to divert as much electricity consumption as possible to periods of low demand. For example, some automated industrial processes could shift to weekends or nights» he underlines.
Our emergency measures aim to bring back social balance.
The President of the Commission notes that “we are in a paradoxical situation: energy companies have unexpectedly high revenues that are completely unrelated to their costs or investments. And consumers are facing astronomical bills. Our emergency measures aim to bring back social balance. Temporarily, we will propose to channel the windfall, which the energy companies never dreamed of, to vulnerable households and businesses. This will ensure that the world can benefit more quickly and clearly from our huge investments in renewables. Renewable energy sources are cheaper, clean and domestic.
At the same time, we expect the energy sector to accelerate its green transition by investing in renewable sources and contributing to energy savings.”
He added that “Russian pipeline gas is now 9% below our EU gas imports. Last year it was 41%.” A cap on the price of Russian pipeline gas is necessary to limit Putin’s revenue to finance his horrific war against Ukraine. It is almost impossible for Russia to find new customers for pipeline gas in the short term.”
Finally, Ursula von der Leyen states that “our energy companies are essential to keep the lights on, the homes warm and the economy running. Some face challenges facing market volatility manipulated by Putin. We will work closely with member states to ensure their liquidity. We will show maximum flexibility and speed in facilitating Member States’ temporary support for these critical companies.”
RES-EMP
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I am currently a news writer for News Bulletin247 where I mostly cover sports news. I have always been interested in writing and it is something I am very passionate about. In my spare time, I enjoy reading and spending time with my family and friends.
