Extraordinary Ministerial Meeting Energy is convened by the Czech Republic, which holds the rotating presidency of the European Union this semester, to address the energy crisis stemming from Russia’s invasion of Ukraine and soaring gas and electricity prices.

The Czech presidency “will convene an emergency meeting of energy ministers to discuss specific emergency measures to resolve the situation in the energy sector,” Czech Prime Minister Petr Fiala said.

.@EU2022_CZ will convene an urgent meeting of energy ministers to discuss concrete emergency measures to resolve the energy situation.

— Peter Fiala (@P_Fiala) August 26, 2022

This decision, which was approved by the President of the European Commission Ursula von der Leyen, was also adopted by 27 EU member states. are trying to reduce their dependence on Russian oil and natural gas.

Destocking and fears about the future have led to skyrocketing energy prices in Europe.

Czech Industry and Trade Minister Josef Sikela said the European Energy Council should be convened as soon as possible. “We are in an energy war with Russia and this is hurting the entire EU,” he said.

On Wednesday, Prime Minister Kyriakos Mitsotakis contacted his Czech counterpart, confirming that Greece is supporting society through national measures, but will continue to demand a European solution to the energy crisis, as no national budget can deal with this unprecedented crisis alone.

Electricity: Prices soar in Germany and France

It is noted that its prices have risen above 800 euros. Current in Germany next year today and almost 10 times higher than the same period last year.

German futures on the European Energy Exchange also reached record highs, hitting 829 euros per session. At the end of the week, the price for Germany rose to 48%.

Accordingly, the price of electricity rose above 1,000 euros in France for 2023, recording a tenfold increase in costs over the past 12 months.

In particular, French futures for the next year rose by as much as 13% to 1022 euros per megawatt-hour. In a week, the increase reached 24%.

In recent weeks, the price of electricity has been hitting one record after another almost daily due to the reduction in the flow of natural gas from Russia on the eve of winter. Unprecedented increases in energy prices are fueling even stronger inflationary pressures and reducing the incomes of households and businesses across Europe.

European governments have already taken energy saving measures. In Germany, for example, the heating in buildings and the brightness of outdoor advertising have been reduced. In Britain, Electricity bills expected to rise sharply in Octoberafter the competent authority raised the cost ceiling.

According to AFP, Bloomberg, APE-MPE, moneyreview.gr