The electricity and gas prices are at their highest levels.
The energy ministers of the European Union therefore want to discuss a possible approach at an informal meeting on Wednesday.
Kranj, Slovenia - Energy prices in the European Union are reaching record highs.
The reasons for this are numerous.
The EU ministers for transport and energy will discuss how they want to react to this at an informal meeting this Wednesday.
That emerges from a report from the Council of the European Union.
EU countries: electricity price rises by almost half
According to
Bloomberg
,
the European gas price
has risen by 223 percent
since January 3, 2021
. The Federal Office of Economics and Export Control determined an increase in import prices for natural gas in Germany of 42 percent between January and July. The comparison portals Check24 and Verivox made further price increases in autumn: The basic gas suppliers in Germany had announced a price increase. Check24 assumes 11.5 percent more, Verivox speaks of 12.6 percent higher gas costs - converted that would be an annual average of 172 euros or 188 euros more per household.
One of the reasons for the price increase is the attempt to stop the climate crisis: The decarbonization of the economy is one of the steps to still reach the 1.5 degree target and to save the world from irreversible effects of climate change. To do this, countries would have to cut emissions by 45 percent compared to 2010 by the end of this decade, according to the UN. One of the measures: In the future, the CO2 price per ton will rise from 25 euros to 30 euros at the end of the year. A price of 55 euros is planned by the middle of the decade.
But other factors also have a significant influence on the rising energy and electricity prices: Asia's economy has recovered after the corona crisis and the demand for energy is growing.
At the same time, the supply is falling, because important gas producers such as Russia and Norway are delivering less.
Some critics suspect that Russia is turning off the gas so that the controversial Nord Stream 2 project can go into operation earlier.
Others, on the other hand, cannot see any artificial shortages.
High energy prices in Europe: this is how the EU wants to absorb rising prices
Spain counteracted the high energy prices with tax cuts: The country, for example, reduced the electricity generation tax and lowered the value added tax on electricity bills from 21 percent to ten percent. In addition, the government under Prime Minister Pedro Sanchez is using the additional income from CO2 certificates to lower the price of electricity. In Italy, Prime Minister Mario Draghi could absorb the high electricity and gas costs by injecting subsidies of four billion euros into the market. The Italian government wants to make a decision on Thursday.
At the meeting of EU ministers on Wednesday in Slovenia, concrete guidelines for the EU are to be discussed. The ministers will discuss the "development of the infrastructure for alternative fuels and the functioning of the internal energy market", it says on the side of the European Council. The ministers plan to announce the results at a press conference on 23 September. Another meeting is planned for December 2nd. Austria's Energy Minister Leonore Gewessler said in advance that the answer to high gas prices was to switch to renewable energies more quickly. This also creates independence from Russian gas imports, for example.
Meanwhile, the climate conference in November threatens to fail because the efforts of the countries are clearly below expectations.
In the Bundestag election on September 26, the citizens of Germany will decide on the future course of the Federal Republic.
It is worth taking a look at the election manifesto, because the parties' goals in terms of climate protection differ greatly.
