EU energy ministers agreed to cut electricity consumption and tax energy firms. EU energy ministers have decided to impose a windfall tax on energy companies to raise billions of euros that could be used to help consumers and businesses with soaring electricity bills.
Ireland Environment Minister Eamon Ryan, who attended an emergency meeting of energy ministers in Brussels, says the energy crisis could last at least two years. With Russia escalating its war in Ukraine and sabotaging two Baltic gas pipelines, pressure is mounting on EU member states to keep pressure on Moscow, but at the same time lower electricity prices.
Energy ministers this morning reached an agreement on a windfall tax for energy providers that generate large revenues when they sell electricity and are no longer reliant on Russian gas to generate that electricity. A massive tax on oil and gas revenues and a 5% cut in maximum energy consumption across member states.
EU Member states are divided over the proposed price range of what Russia will receive for remaining gas sales to the EU. However, achieving unity on the price of Russian gas is more difficult. That's because the European Commission's proposal to cap prices for Russian gas is opposed by many Central and Eastern European countries, which fear Russia will cut off remaining gas.
Other member states, including Germany, oppose an alternative plan put forward by some member states for a cap on all gas imported, which would lower the price paid but make it more attractive for exporting countries to sell gas to Europe.
Critics believe this will put more pressure on supply security as exporting countries are likely to sell gas elsewhere. Therefore, there is still sharp disagreement on how to punish Russia without deepening the energy crisis.
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