The European Commission is trying to cope with the emergency caused by soaring energy prices in Europe and around the world, which may lead to economic and supply disruptions in the winter season. This is why the Commission has today adopted a Communication on Energy Prices to “tackle the exceptional rise in global energy prices, which is projected to last through the winter”. 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”.

In presenting the package, Energy Commissioner Kadri Simson said: “Rising global energy prices are a serious concern for the EU. As we emerge from the pandemic and begin our economic recovery, it is important to protect vulnerable consumers and support European companies”. The Commission will help Member States to “take immediate measures to reduce the impact” this winter. “At the same time, we identify other medium-term measures to ensure that our energy system is more resilient and more flexible to withstand any future volatility throughout the transition. The current situation is exceptional, and the internal energy market has served us well for the past 20 years. But we need to be sure that it continues to do so in the future, delivering on the European Green Deal”.