Europe needs to impose a price cap on Russian pipeline gas, EU Commission chief Ursula von der Leyen said on Friday, to foil what she said were Russian President Vladimir Putin's attempts to manipulate the bloc's energy market.
She also called for measures to skim off some windfall profits that electricity suppliers have made from the gas crisis, using the money to support vulnerable citizens and companies.
In the EU's current electricity market, generators sell their power at a price set by the last power plant needed to meet demand - often, a gas plant, which has meant the recent surge in gas prices has driven up the cost of electricity.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Energy price hikes could ignite 'civil unrest' across Europe this winterEuropean countries are at risk of facing mass mobilisations in the next few months, powered by Russia's offensive in Ukraine, high energy prices, mounting costs of living, fallout from Covid pandemic and climate crisis, says a risk consultancy firm.
Read more »
Wave Financial makes first acquisition in Europe, plots further deals taking advantage of ‘fire sale’ environmentAsset manager Wave Financial plans to acquire more distressed companies in the bear market following its first acquisition in Europe
Read more »
Europe crisis shows coal’s value, South Africa minister saysSouth Africa’s exports of coal from the Richards Bay Coal Terminal to Europe surged more than eight-fold in the first half of this year.
Read more »
Speedsters For Everyone? Volkswagen Stockpiling Windshields Over Fears Of Glass Shortage | CarscoopsSpeedsters For Everyone? Volkswagen Stockpiling Windshields Over Fears Of Glass Shortage | Carscoops carscoops
Read more »
Russia halts gas flows to Europe via Nord Stream 1 for maintenance worksIt is expected that gas flows via Nord Stream 1, which runs from Russia to Germany via the Baltic Sea, will be suspended from Aug. 31 through to Sept. 3.
Read more »