October 1, 2022

Balkan Travellers

Comprehensive up-to-date news coverage, aggregated from sources all over the world

Energy – Austria wants a cap on electricity prices in the EU: “We can’t let Putin decide the price of electricity in Europe”

Austrian Chancellor Karl Neuhammer said on Sunday that he is in favor of capping electricity prices at the European Union level.

“We have to put a firm stop to the madness in the energy markets. This is only possible with a European solution,” he said in a press release issued by his services, adding that he wanted to convince member states that were blocking. .

read more:
A megawatt hour goes from 85 to more than 1,000 euros in a year: what will be the consequences of the record increase in electricity prices?

The conservative Austrian chancellor believes “the market will not regulate itself in its current form” as gas prices continue to rise due to the war in Ukraine and electricity prices continue to rise.

“I call on all 27 member states to stop this price explosion immediately”, he added, adding that gas and electricity prices should be decoupled, bringing them closer to production costs.

“We cannot allow (Russian President Vladimir) Putin to set the price of electricity in Europe every day,” said Karl Nehhammer.

The Czech Republic, which holds the presidency of the Council of Europe for six months, will soon propose an extraordinary meeting of energy ministers to discuss rising prices, the energy minister said on Friday. .

Austria is heavily dependent on Russian gas, particularly for heat and industry, receiving 80% of its gas from Moscow before Russia invaded Ukraine in February, but most of its electricity is generated from renewable energy.