European Union sets out how to deal with rise in gas prices

This may include adverts from us and 3 rd parties based on our understanding. Gas prices in Britain had reached around 400 p per therm earlier on Wednesday, about 40 percent more expensive than the day before. At the Dutch Title Transfer Facility, prices were at €16 megawatt per hour in early January and €98 per hour in late September.

Of the matter, Kadri Simson, the EU's energy chief, told the European Parliament: This price shock cannot be underestimated. It is hurting our citizens and in particular most vulnerable households, strengthening competitiveness and adding inflation pressures. If left alone, it risks compromising Europe's recovery as it takes hold. The European Union has set out some suggestions about how they will deal with the rise of gas prices. The suggestions include providing compensation to vulnerable families across Europe, tax cuts and state aid provided to companies. Ministers from the European Union met in Luxembourg on Monday to discuss how they would deal with the rise in energy prices.

Both Bruno Le Maire, Spanish Minister and Nadia Calvino, French Minister have urged for EU-wide action to be taken by all member states. However, Finland considered a careful approach was necessary, as Annika Saarikko, Finland's Finance Minister, said: We have to take care of it very carefully. Together with Finland s finance minister, both the vice-president and the Commissioner of the European Commission, Paolo Gentiloni and Vice President Valdis Dombrovskis, supported Ms Saarikko's view that a steady and prudent approach was needed.

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Economist : EU can't win over Article 16 row COMMENT No second Scottish independence referendum for 25 years Say Tories REVEAL Tories expose 'Scotland shame' in Nicola Sturgeon's own constituency OPINION Joe Biden was visiting Aukus agreement between Australia, the United Kingdom and the UK. I think people should be reassured in the sense that yes there are a lot of short-term problems not only in our country, the UK, but around the world, caused by gas supplies and shortages of all kinds. This is actually a function of the world economy waking up after Covid.