The Energy Ministers of the 27 EU member countries have approved all the measures to mitigate the escalation of energy prices, proposed by the EU Commision earlier this month.
However, despite an appeal by 15 members states, no agreement was reached on placing a ceiling on the price of gas.
A “voluntary” energy savings for all member states of 10% and an obligatory saving of 5% during peak hours was approved.
Secondly, a 33% tax on the “extraordinary benefits” of the energy sector (including petrol, gas, coal and refineries) in an “exceptional and temporary” manner was approved.
Furthermore, it was agreed that a “solidarity contribution” of 20% will be applied to the profits of 2022 where they are superior to the average profits of the previous three years.
The Executive also approved a limit on the price per megawatt hour of 180 euros in the wholesale market for low cost energy produced by green, nuclear and lignite, which aims to minimize the high prices of energy.
There was no agreement on a ceiling on the price of all gas, including natural gas, however, there is general support for a long term reform of the energy market, which would remove the link between the price of gas, which is currently very high, and the price of electricity, later this year.
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