Why have Europe’s Energy Prices Spiked and What Can the EU Do About Them?

Summary:

Europeans’ skyrocketing energy bills are not primarily Russia’s fault, though it is capitalising on Europe’s vulnerability. In the long run, a faster green transition offers the best insurance against the next crisis. Member-states should not pull the brake on green policies proposed in the recently-tabled Fit for 55 package, for fear of additional impacts on consumer energy prices. Instead, they should redouble their efforts to ensure that these policies result in a just energy transition – ensuring costs are fairly shared between all consumers and across countries.  And in the end, the best way to avoid the impact of high gas prices is not to rely on gas.

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ESO Records

European Commission: COM (2021) 550: "Fit for 55" https://www.europeansources.info/record/fit-for-55-delivering-the-eus-2030-climate-target-on-the-way-to-climate-neutrality/

European Commission: COM (2021) 557: Proposal for a Directive amending Directive (EU) 2018/2001, Regulation (EU) 2018/1999 and Directive 98/70/EC as regards the promotion of energy from renewable sources, and repealing Council Directive (EU) 2015/652 https://www.europeansources.info/record/proposal-for-a-directive-amending-directive-eu-2018-2001-regulation-eu-2018-1999-and-directive-98-70-ec-as-regards-the-promotion-of-energy-from-renewable-sources-and-repealing-council-directive/

European Commission: COM (2021) 660: Tackling rising energy prices https://www.europeansources.info/record/tackling-rising-energy-prices-a-toolbox-for-action-and-support/

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