Summary:

Record-shattering energy prices drove EU governments to consider new Union-wide measures to curb prices at an emergency meeting of EU energy ministers on September 9th 2022. European Commission President Ursula von der Leyen stated on August 29th that the Commission was considering both short-term emergency policies to help consumers, and long-term structural reforms of electricity markets. This marked a change in the position of the Commission, which had previously strongly opposed calls for revising electricity market design. But structural reform would take time, so the immediate focus was on emergency interventions: this insight analyses the proposals that President von der Leyen announced on September 7th, building on details contained in leaked documents.  The new plan aimed to cut electricity use to reduce prices and possible blackouts; to extract some of the windfall profits of energy companies; and to curb Russia’s gas revenues.

• Primary Source

• Alternative Source

Official

European Commission: 7 Sept 2022: Statement by President von der Leyen on energy https://ec.europa.eu/commission/presscorner/detail/en/speech_22_5389

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ESO Records

EPC Commentary: 08/09/2022: Tackling the energy crisis: 8 considerations on how Europe can get through this winter https://www.europeansources.info/record/tackling-the-energy-crisis-8-considerations-on-how-europe-can-get-through-this-winter/

Bruegel Policy Contributions: 17/22: An assessment of Europe’s options for addressing the crisis in energy markets https://www.europeansources.info/record/an-assessment-of-europes-options-for-addressing-the-crisis-in-energy-markets/

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