Measures to strengthen the resilience of the European energy market will be presented tomorrow, Tuesday, by the European Commission, as concerns about the blow to the European economy intensify. Russian invasion of Ukraine.
The Italian Prime Minister Mario Draghiwho was earlier in the Belgian capital for talks with Ursula von der Leyenstressed the need to take immediate action to compensate vulnerable consumers and businesses.
Mr Draghi emphasized that there was currently no convergence to a specific compensation model (according to Le Monde, processes were already under way to set up a new fund for this purpose). The issue, he said, will be discussed at the informal Versailles Summit next Thursday and Friday.
Ms von der Layen also spoke of the need for a “shield” for consumers and businesses, but did not use the term “compensation”. In addition, the Commission’s proposals, said von der Leyen, will focus on three pillars:
- diversification of gas suppliers to reduce dependence on Russia
- further promoting renewable energy sources to accelerate the transition to a low-carbon economy; and
- improving energy efficiency.
In an interview with La Stampa today, however, Economy Commissioner Paolo Gentiloni said the commission did not rule out the possibility of “joint compensation mechanisms” in the crisis response measures. In June, meanwhile, the Commission is expected to present recommendations for speeding up licensing procedures for RES projects, as well as a specific strategy for promoting solar energy.
According to a draft communiqué issued by the Commission on the response to the energy crisis, which was leaked to the press, minimum levels of stocks will be imposed in the storage facilities of the Member States before next winter. These minimum levels are set in order to ensure that by 30 September the level of stocks in the EU will be at 80% of the total capacity.
Gas reserves in the EU at the moment, as we approach the end of the heating season, are around 27.6%. 45% of EU gas imports in 2021 came from Russia.
At the same time, consultations have begun on further easing of Community state aid rules, as has happened since the outbreak of the pandemic, to enable businesses that are disproportionately affected by the energy crisis. Finally, according to the Financial Times, it is possible that the Recovery Fund will be redirected, with proposals to amend the national plans being subject to the approval of the Commission. In addition, Member States that have not applied for RRF eligible loans will be encouraged to do so by investing in energy borrowing resources.
kathimerini.gr
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