Europe’s energy ministers are meeting today to finalise emergency measures to counter a gas and electricity crisis ahead of winter months.

Just 24 hours after Liz Truss announced the UK’s market cap intervention, Ursula von der Leyen, the President of the European Commission, said: “We are now confronted with astronomic electricity prices for households and companies with enormous market volatility.

“Therefore, we will put forward a set of five different immediate measures. The first one is smart savings of electricity, the second measure we will propose is a cap on revenues of companies producing electricity with low cost and the third measure is that the same goes, of course for unexpected profits of fossil fuel companies.

“The fourth point is addressing the energy utility companies that must be supported to be able to cope with volatility.”

Ms Leyen said that the European Commission will help to facilitate the Liquidity Support by Member States for energy companies.

She added that the fifth and the last point we aim at lowering the cost of gas and therefore we will propose a price cap on Russian gas.

On Wednesday, Vladimir Putin said Russia would turn off the taps and cut off all energy supplies if a price cap on its oil and gas exports is imposed.

Article source: https://www.energylivenews.com/2022/09/09/eu-energy-ministers-discuss-measures-to-tackle-astronomic-electricity-prices/