EU MOVES TO 5% LOWER PEAK ELECTRICITY USE DUE TO UKRAINE WAR

  • 14/09/2022

Ursula von der Leyen, the head of the EU, has called for reductions in electricity consumption throughout the bloc and windfall taxes on energy companies to combat high prices.

She informed the European Parliament that following Russia's invasion of Ukraine, gas and electricity prices had reached all-time highs.

She demanded a minimum 5% reduction in the amount of electricity consumed during peak hours.

However, plans to cap the cost of natural gas, a significant Russian export to the EU, were postponed.

The Strasbourg plan calls for skimming off low-carbon electricity producers' profits and enacting a de facto windfall tax on the oil, gas, and coal industries in order to raise "excess revenues."

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