The European Commission today, October 13, adopted a Communication on Energy Prices, to tackle the exceptional rise in global energy prices, which is projected to last through the winter. The corresponding decision was published on the official website of the European Commission.
It is noted that the Communication includes a “toolbox” that the EU and its Member States can use to address the immediate impact of current prices increases, and further strengthen resilience against future shocks.
Short-term national measures include emergency income support to households, state aid for companies, and targeted tax reductions. The Commission will also support investments in renewable energy and energy efficiency; examine possible measures on energy storage and purchasing of gas reserves; and assess the current electricity market design.
The crisis has also drawn attention to the importance of storage for the functioning of the EU gas market. The EU currently has storage capacity for more than 20% of its annual gas use, but not all Member States have storage facilities and their use and obligations to maintain them vary.
European Commission will present the Communication and toolbox to Members of the European Parliament on Thursday 14 October and to Energy Ministers on 26 October. European Leaders are then due to discuss energy prices at the upcoming European Council on 21-22 October.