High energy prices that affect Europeans must be solved at the EU level, Czech Prime Minister Petr Fiala, whose country holds the presidency of the European Union this half-year, said on Monday, Reuters reported, quoted by Agerpres.
On Friday, Petr Fiala announced that the Czech Republic will convene an emergency meeting of EU energy ministers to discuss the rise in energy prices after Russia’s invasion of Ukraine.
The decision to convene this meeting was made against the background of EU member states’ attempts to reduce their dependence on Russia for oil and gas supplies.
In a Twitter message on Monday, Fiala said he had spoken again with European Commission President Ursula von der Leyen.
“Before the EU Energy Council, we want to find, together with EU leaders, a way to help citizens and companies,” the Czech Prime Minister said.
High energy prices are a pan-European problem that we must solve at the European level.
This morning I spoke again with the President of the EC @vonderleyen. Ahead of the EU Energy Council, we want to find a way to help people and businesses that we can agree with other European leaders.
— Petro Fiala (@P_Fiala) August 29, 2022
Austrian Chancellor Karl Nehhammer on Sunday asked the European Union to “decouple the price of electricity from the price of gas” in order to reduce electricity bills.
Huge prices for natural gas in Europe
Last week at the TTF hub in Amsterdam, which sets reference prices for natural gas in Europe, quotes rose more than 6% to nearly 316 euros per megawatt-hour (MWh).
In the spring, at the TTF hub in Amsterdam, quotations reached a record level of almost 335 EUR/MWh. The market has further soured in recent weeks as extremely hot and dry weather has disrupted fuel transportation by rivers and limited hydro and nuclear power generation.
As a result, demand for gas is increasing at a time when supplies from Russia are decreasing.
In Europe, gas prices are more than ten times higher than average for this time of year, destabilizing the economy, undermining the euro and increasing pressure on politicians to mitigate the impact of high inflation.
Supply disruptions have intensified this week, intensifying competition with Asia for supplies. The supply of Russian gas remains at a low level, and in September, due to repair works, a decrease in receipts from Norway is expected.
“Europe simply does not have access to alternative supplies to compensate for the drop in Russian gas supplies. “Liquefied natural gas has helped fill Europe’s gas reserves,” said Samantha Dart, director of Goldman Sachs Group Inc.
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Source: Hot News RO
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