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Sunday, October 2, 2022

EU Council chief calls for speedy reform of electricity market

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EU Council President, Charles Michel, has said that given the  high energy prices, more would be done to relieve the burden on consumers.

Michel said this at a press conference on Friday that the proposals made by the European Commission this week were a good start.

“It’s a good beginning, but I think more will be needed … in order to have an impact for the population, more will be needed and more is needed,” he said.

The European Commission presented a legislative proposal on Wednesday for excess profit levies on energy companies, which were earning comparatively large amounts of money.

“This would siphon off around 140 billion euros (139.9 billion U.S. dollars) and pass it on to consumers,” said Michel.

He pointed out that the European Commission was working on a reform of the electricity market, and that the proposals must come as soon as possible.

“The problem is that the electricity price is linked to the gas price, which is very high at the moment. This problem had already been discussed a year ago.

“Before the summer, the commission had been tasked with submitting concrete proposals. It was good that the commission had announced that it would work on this.

“I hope that something will come on the question as soon as possible,” he said, adding that the work of the EU platform on the joint procurement of gas must also progress more quickly. (NAN)

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