Austrian Chancellor Karl Nehammer believes the EU should prevent the Kremlin leader from “determining the price of electricity in Europe.”
Austria intends to support a pan-European cap on electricity prices. This is what Austrian Chancellor Karl Nehammer said, Reuters reports.
The Austrian government agrees with the idea of capping electricity prices. In the beginning, however, local officials were skeptical. Vienna’s decision was able to reverse the significant increase in prices caused by the rapid increase in gas prices after Russia’s invasion of Ukraine.
“We must put an end to the madness that is happening in the energy markets. And this can only happen thanks to a European decision,” said the head of the Austrian government.
According to him, he will try to convince everyone who disagrees. The official also called on all 27 EU member states to “unite to immediately stop this price explosion.”
Nehammer believes that the market price of electricity should come down. It must be separated from the gas to bring it closer to the actual cost of production.
“We cannot allow Putin to determine the price of electricity in Europe every day,” he concluded.
It will be remembered that the cost of electricity in Europe has updated the record, for the first time exceeding the level of 1,000 euros per MWh.
The previous day, gas prices in Europe fell sharply. Gas futures fell in price after a sharp rise last week on the back of news about Germany’s injection volume.
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Source: korrespondent
I am David Wyatt, a professional writer and journalist for Buna Times. I specialize in the world section of news coverage, where I bring to light stories and issues that affect us globally. As a graduate of Journalism, I have always had the passion to spread knowledge through writing.