EU governments helpless as energy prices soar to four-year highs
There's a 'difficult' winter coming, and ministers have few solutions.
European energy ministers met in Luxembourg to discuss soaring energy prices and the lack of viable solutions to protect citizens during the upcoming winter. Gas prices in Europe exceeded €100 per megawatt-hour for the first time since 2022 due to panic-buying and tensions in the Middle East. EU officials acknowledged that most short-term strategies, such as renewables schemes and fuel subsidies, have proven ineffective.
Instead of demanding energy conservation, they focused on temporary subsidies for both fossil fuel and clean energy industries. EU leaders debated the use of temporary fiscal flexibilities to subsidize energy, while some countries called for greater fiscal space to increase energy subsidies. Despite efforts, high prices are expected to naturally regulate demand, but this may not provide a long-term solution.
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