EU Energy Council agrees on rapid emergency measures to reduce electricity prices

At today’s extraordinary meeting of EU energy ministers in Brussels, the EU Member States agreed on emergency measures to keep the high energy prices in the electricity sector down. The EU regulation agreed upon contains rules to skim off windfall profits on the electricity market and a solidarity contribution by energy producers, including companies in the fields of oil, gas, coal and refineries. The revenues will be passed on to customers. In addition, a binding electricity saving target has been laid down for all EU Member States. At today’s meeting, the European Commission also presented its proposal for an “autumn package” in the gas sector. The package comprises temporary measures to reduce the high gas prices and to improve security of gas supply.

Federal Minister Robert Habeck said: "Private households and companies are suffering from high energy prices. The emergency measures which we adopted together at today’s Energy Council are good and efficient instruments to keep electricity prices down. For this purpose, we will skim off windfall profits on the electricity market, and a solidarity contribution by energy producers in the fields of oil, gas, coal and refineries is also only fair: some of these companies have been earning a lot of money during the crisis, and it is proper to use these profits as a solidarity contribution for the common good. At the same time, it is and continues to be important to save energy. We are in a serious position, and the winter has not yet begun. The binding energy saving targets are therefore necessary.

"Of course we also need to reduce the high wholesale gas prices. We support the proposal of the European Commission and we advocate to make smart use of our European strength and reduce the gas price throughout Europe by means of common purchasing initiatives."