European Commission Needs To Come Up With Gas Price Reduction Plan Soon - French Minister

PARIS (UrduPoint News / Sputnik - 30th September, 2022) French Economy Minister Bruno Le Maire said on Friday that the European Commission needs to make proposals for the reduction of gas and electricity prices in the coming days.

"Cutting gas and electricity prices is an urgent issue... Germany, for the first time, now recognizes that the absolute priority is to reduce market prices, which have skyrocketed to insane numbers, which is unbearable for our compatriots and businesses. The European Commission urgently needs to make concrete proposals to us in the coming days to reduce these prices," Le Maire told Europe 1 radio.

The European Commission should also facilitate a support mechanism for companies that consume a lot of electricity, as the current prices threaten local production and enterprises, according to the minister.

The French government will reportedly present a set of measures to reduce energy consumption in the country against the backdrop of soaring energy prices on October 6.

This summer, the French government launched an energy sobriety program with a view to reduce electricity consumption in the country by 10% by 2024 to avoid shortages during winter.

Since 2021, energy prices in Europe have been surging as part of a global trend. After the beginning of Russia's military operation in Ukraine in February 2022 and the adoption of several packages of sanctions against Moscow by the West, fuel prices have accelerated the growth, pushing many EU governments to resort to contingency measures.