European ministers will hold on emergency meeting this month on measures to lower surging energy prices across the EU

Carla Mozée
Updated ·2 min read
French electricity transmission system operator RTE employees work on renovating high voltage lines.
A worker at French electricity transmission system operator RTE is renovating high voltage lines.JEFF PACHOUD/AFP via Getty Images
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  • EU energy ministers will hold an emergency meeting on September 30 to discuss the deepening energy crisis.

  • European Commission President Ursula von der Leyen is expected to unveil proposals in a speech on Wednesday, Reuters reported.

  • Prices for gas and power have surged in the wake of Russia's invasion of Ukraine.

Energy ministers in the European Union will hold an emergency meeting at the end of September, aiming to clear proposals to drag down surging gas and power prices sweeping throughout the region.

Czech Industry Minister Jozef Sikela said Tuesday the bloc's Energy Council will meet in Brussels to discuss measures proposed by the European Commission that target high energy prices facing households and industrial and commercial activity.

"On September 30, we will finish what we started last week," Sikela said in a tweet. "Czech Presidency, Member States and the Commission are ready to work together."

EU energy ministers met last week to discuss measures to tame prices for energy that have skyrocketed since Russia invaded Ukraine in February. Benchmark Dutch TTF futures during 2022 had jumped about 1,000% from a year ago as Russia cuts energy supplies to the region.

On Wednesday, European Commission President Ursula von der Leyen is expected to unveil the proposals and her speech will be followed by two weeks of negotiations between the EU's 27 member countries, Reuters reported. The bloc will work on redrafting the proposals into final laws that can be approved.

Reuters said a draft of the Commission's proposals would impose a cap on the revenue non-gas fueled generators can make from selling electricity and fossil fuel firms would need to share excess profits. Governments would be required to use the cash to help consumers and companies with high energy bills.

Countries have mixed views on other ideas, including a gas price cap, which was not included in the draft proposals, the report said.

Read the original article on Business Insider