WORLD EU energy ministers discuss power price surge

WORLD

EU energy ministers discuss power price surge

Xinhua

06:57, October 27, 2021

BRUSSELS, Oct. 26 (Xinhua) -- The energy ministers of the European Union (EU) member states met in Luxembourg on Tuesday to exchange views on the increase in energy prices and discuss possible mitigating measures at national and EU level.

Men work at the construction site of the so-called Nord Stream 2 gas pipeline in Lubmin, northeastern Germany, on March 26, 2019. (File photo: AFP)

Following a decline in global and EU energy prices in late 2019 and 2020, there has been a sharp rebound in recent months.

Some member states underlined that climate policies and the clean energy transition are part of the solution and not the cause of the increase in energy prices. They insisted that investments in renewable energies, energy efficiency and integration of energy systems remain key in increasing the resilience of the EU's energy systems.

On behalf of the Presidency of the Council of the EU, Slovenia's Minister of Infrastructure Jernej Vrtovec said "We want to achieve two important goals -- climate neutrality and an energetically independent Europe. For this we have to invest in renewable energy sources and new technologies."

Concerning short-term measures, the ministers agreed that national measures have to be taken as a matter of urgency to shield the most vulnerable consumers. In the context of medium and longer-term options, they discussed reforming the functioning of the wholesale electricity market, voluntary joint purchase schemes for gas as well as EU-level solutions for storage.

The first preliminary assessment by the European Securities and Markets Authority (ESMA) in mid-November will provide member states with more clarity on the integrity of the European carbon market.

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