The measures are due to take effect no later than December 1, 2022 and will be valid until the end of March 2023.
The European Commission on Wednesday, September 14, published a plan to stabilize the electricity market with temporary emergency measures designed to overcome the effects of a sharp increase in prices. This was reported on the EC website.
It was noted that these measures should enter into force no later than December 1, 2022 and will be valid until the end of March 2023.
The EC proposes to reduce electricity consumption by 5% in three to four peak hours per day, with the aim of reducing total consumption by 10% by March 31, 2023, which would save Europe 1.2 billion cubic meters of gas in winter time.
It is also proposed to limit the income of power generation that operates on renewable energy sources, nuclear fuel, brown coal. They will receive from the sale of electricity no more than 180 euros per MWh, and the rest will be collected by the governments of the EU member states. According to the forecast of the European Commission, it will be about 117 billion euros, which can be used for subsidies to end consumers.
In addition, the plan to fight the energy crisis provides for the establishment of a temporary tax on the profits of oil and gas, coal and oil refining companies, if by the end of 2022 it exceeds the average profit for in the last three years by more than 20% at a rate of at least 33%. This could bring in another 25 billion euros.
There are no proposals to limit prices for imported gas.
It was previously reported that the EU for the first time introduced mandatory targets to reduce the need for electricity consumption and established a “revenue cap” for energy companies receiving windfall from the energy crisis.
Recall that the EC is calling on Commonwealth countries to increase electricity purchases from Ukraine.
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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.