The European Union's next steps for addressing the continent's worsening energy crisis following Russia's special military operation in Ukraine are expected to be unveiled next week, the European commissioner for energy said yesterday.
Many European countries have tightened their belts as energy costs soar. Russia's state-run energy company has continued its shutdown of a pipeline carrying natural gas to Europe, in what German officials see as a political power play, and the European Commission president says the E.U.'s electricity market "is no longer operating" amid knock-on effects from the Ukraine war.
An extraordinary meeting of the European Union's energy ministers will be held in Brussels on Friday to discuss a bloc-wide package of solutions to the power market cost spikes, European Commissioner for Energy Kadri Simson told the Associated Press in an interview.
She said the European Commission expects the package will be adopted next Wednesday and that a decoupling of gas and energy prices, increase in liquidity for the market, and coordinated demand reduction could be expected in it. That could include a temporary capping of the price of gas used to produce electricity, modification of trading rules on energy exchanges and coordinated demand reduction measures like those seen over the summer.
