The European Commission is continuously making efforts to provide energy to the Europeans at a lower rate, with the motive to help the most vulnerable group of society.
EC, via its official Twitter handle, shared the steps initiated by it to achieve the target and noted, “Exceptional times require exceptional measures and more solidarity. To shield Europeans from high energy prices, we put in place measures to help the most vulnerable while preserving the integrity of the Single Market”.
The steps initiated by the EU assists the member states in regulating energy prices and help the most vulnerable citizens and business. The EU countries can also redistribute revenue from the high energy sector profits directly to the consumers and joint purchases of the energy supplies, ensuring better prices for them.
“When we act together, we are stronger”, stated the EU.
Telling about the actions, the EC, at its official website, stated, “In the second half of 2021, the EU saw a significant increase in wholesale energy prices. Amongst the underlying reasons, the main driver was the surge in global energy demand, notably in Asia, as most countries emerged from the COVID-19 pandemic”.
“This led to tighter supply, resulting, for instance, in lower volumes of liquefied natural gas imports to Europe. At the same stage, a combination of lower supplies of gas, a longer heating season in 2020-21 and unfavourable weather conditions to produce renewable energy contributed to further strains. To a lesser extent, an increased carbon price under the Emissions Trading System (ETS) also contributed to the adverse market situation”, the website further adds.
The Commission is making every possible effort to reduce its dependency on Russian energy as soon as possible amid the Russia-Ukraine war.
As the war entered its 115th day, the President of the European Commission stated, “Ukrainians are ready to die for the European perspective. We want them to live with us the European dream”.