Currently, the European Commission is considering options for limiting energy prices and reducing electricity demand as part of a strategy to overcome the sharp increase in energy costs, caused in part by the consequences of Russia’s invasion of Ukraine, News.ro reports with reference to CNN.

“The crisis is unfolding. I think we are all very aware that energy prices, both gas and electricity, are high, which we have never seen before,” said Mechtild Versdorfer, Deputy General Manager of the Commission’s Energy Department.

“There is speculation, there is uncertainty in the market, and that is why we are now making even more efforts to see what else needs to be done,” she emphasized.

Prices rose after Russia’s Gazprom said it would shut down the Nord Stream 1 pipeline for three days starting Wednesday for maintenance work, sparking fears that Moscow could completely cut off the flow of gas to Europe.

Europe is scrambling to find alternative sources of Russian gas supplies after the Kremlin announced its readiness to punish the EU for supporting Ukraine.

“We are working on emergency measures regarding electricity prices. There may also be something in terms of reducing electricity demand,” Versdorfer said during a meeting of the European Parliament’s energy committee on winter plans.

Versdorfer added that Brussels plans to change the structure of the electricity market in the “medium-long term”, stressing that “this will take time”.

According to Versdorfer, the President of the European Commission, Ursula von der Leyen, is to present the Commission’s plan for solving energy price issues on September 14.

The ministers of energy of the member states of the European Union are to meet on September 9 in Brussels for an emergency meeting.

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