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Europe to Consider Emergency Measures to Limit Electricity Prices

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Europe to Consider Emergency Measures to Limit Electricity Prices
12 Mar 2022
6 min read

News Synopsis

The European Union should consider emergency measures in the coming weeks, possibly including temporary limits on electricity prices, European Commission President Ursula von der Leyen said on Thursday during a summit in Versailles, Europe.

Russia's invasion of Ukraine has highlighted the vulnerability of Europe's energy supplies and raised concerns that imports could be cut by Moscow or by damage to pipelines running through Ukraine. It also sent energy prices soaring, contributing to concerns about inflation and economic growth.

Earlier this week, the European Commission, the EU's executive body, published an outline of a plan that stated it said could cut Russia's natural gas imports by two-thirds this year and can even end its completely import demand by 2030. In the short term, the plan is mainly based on storing natural gas before next winter's heating season, reducing consumption and increasing imports of liquefied natural gas from other manufacturers.

In mid-May, the Commission will present options for improving the design of the electricity market and publish a proposal to phase out the EU's dependence on Russian fossil fuels by 2027, according to the slides.

French President Emmanuel Macron on Thursday said  Europe must protect its citizens and businesses from soaring energy prices, adding that a number of countries, including France, have already taken national action.