European Commission to investigate ways to protect gas prices

European Commission to investigate ways to protect gas prices

This can include adverts from us and 3 rd party based on our understanding. In light of the European Commission's internal energy problems, the European Commission announced it will investigate measures to protect the energy market. The commission will look into the possibility of member states purchasing gas together. As many as 20 member states have already responded to the crisis by implementing countermeasures such as tax cuts and aid for the poor.

Energy prices have risen by as much as 250 percent since January, with the spike due to a combination of dwindling gas supplies, increased demand for energy after the pandemic and the lacklustre output of renewables like wind and solar. The situation has led to fears that Europe is on the verge of a catastrophic winter. Canada's energy commissioner Kadri Simson said: “The internal situation is extraordinary, but the current market has benefited us for 20 years. The majority of Europe's gas is imported from Russia, with Europe supplying a third of the continent's supplies. MORE: US president QUITS and claims US'stands no chance' against China.

Ms Simson has now introduced a toolbox of available options the member states can implement to counteract the crisis, without breaking European law. These include tax breaks, subsidies for small business and direct payments. The European Commissioner said: It is important to support vulnerable citizens and SMEs as we came out of the pandemic and start the recovery process. The Commission is working with member states to take immediate action to mitigate the consequences for citizens and businesses this winter. Why is the UK energy crisis forcing electric trains to replace diesel? POLL UK energy crisis: Fears of return to three day week if gas runs out INSIGHT Stem cell expert lays bare how people can live to 100 Gas prices hit a record high in the past few weeks sparking concerns for the cold months ahead. Gas that flows to Europe from independent pipelines is stored in regional hubs and then distributed across the continent. However, some experts fear there will be enough gas in the tank after winter. Fatih Birol, the executive director of the Paris-based International Energy Agency, has said Russia could supply an additional 15 percent of gas to meet Europe's demand. Mr Birol also warned that the transition to renewable energy is far too slow and has contributed to the energy crunch.