EU Proposals To Curb Soaring Energy Prices


EU proposals to curb soaring energy prices

Brussels, (UrduPoint / Pakistan Point News - 13th Oct, 2021 ) :The European Commission on Wednesday unveiled a list of proposed measures that EU countries can take to mitigate soaring energy prices for consumers and industry.

The aim is to ease costs as Europe's winter approaches amid a global energy crunch caused by economies kicking back into high gear after a long lull forced by the coronavirus pandemic.

The short-term measures given by the EU executive are meant to be "temporary" and "targeted" to give immediate effect, and can include: - emergency payments to the poorest households to help them cope, perhaps with vouchers, and the ability of consumers to defer payment of bills; - a reduction or suspension of taxes and levies on electricity, gas and other sources for vulnerable households; - direct support for people covering a set minimum amount of energy consumption; - support for industries, as long as the measures do not distort competition or upset the EU carbon-trading market.

Medium-term measures were more vague, and were aimed at supporting the EU's goal of becoming carbon neutral by 2050.

Among them were proposals for the Commission to "consider revising the security of supply regulation"; back the development of "future-proof energy storage"; and explore "the potential benefits and design" of EU countries jointly buying gas.

Beyond that, the Commission urged EU countries to make it easier for consumers to have access to energy information and to switch power suppliers, and to accelerate investment in renewable energy and trans-European grids.