European Union holds emergency meeting on energy crisis | War in Ukraine

European Union holds emergency meeting on energy crisis | War in Ukraine

The European Union seeks at all costs to reduce its dependence on Russian gas.

The European Union will hold an emergency meeting on the energy crisis linked to Russia's invasion of Ukraine, Czech Prime Minister Petr Fiala, whose country assumes responsibility, announced on Friday. the chairmanship of the organization.

Twittering, Fiala said the Czech Presidency will convene an emergency meeting of energy ministers to discuss emergency measures to deal with the energy situation.

Endorsed by Ursula von der Leyen, head of the European Commission, the move comes as the 27 EU member states attempt to reduce their dependence on oil and gas from Russia.

Shrinking supplies and concern about the future have caused European energy prices to skyrocket.

Czech Industry and Trade Minister Jozef Sikela said in a tweet that the European Energy Council should meet as soon as possible.

We are in an energy war with Russia and it hurts the whole EU, he said.

Germany and France on Friday announced record prices for electricity in 2023. One-year-ahead contracts jumped to 850 euros [CA$1098] per megawatt-hour in Germany and over 1000 euros [CA$1290] in France. They were 85 euros [C$110] in both countries last year.

European Commission plans to cut EU dependency by two-thirds to Russian gas this year and to end its dependence on Russian supplies of this fuel before 2030.

Heavily dependent on gas imports from Russia, the Czech Republic is ;is committed to making energy security a priority during its EU Presidency, which begins on 1 July.

Mr. Sikela said the energy market has stopped functioning properly as a result of reduced Russian supply.

To some extent, the market got out of control. Market volatility no longer responds to good news, as bad news accumulates and pushes prices up, he told reporters on Wednesday.

This is the problem for all of Europe […] and the easiest way to seek a solution is at pan-European level, he added.

Among possible solutions, Mr. Sikela mentioned price caps and price diversification according to the type of energy production.

L' EU has targeted Russia's energy sector in its sanctions, banning coal imports from Russia.

Its plan to cut gas consumption in Russia by 15% whole Union to deal with the energy price crisis entered into force at the beginning of the month. The aim is to allow the EU to boost its gas reserves in anticipation of what is likely to be a very difficult winter.

However, some member countries have obtained derogations from this rule, because they are too dependent on Russian supplies.

Beginning of the widget . Skip widget? End of widget . Back to top of widget?

Leave a Reply

Your email address will not be published.

Previous post UK energy price hike amid cost of living crisis
Next post 'Canada Plays a Key Role' in NATO, Secretary General Says in Cold Lake