The European Commission does not intend to insist on enforcing EU competition rules to allow member state governments to impose a price cap on consumers in the event of a complete shutdown of Russian gas supplies, according to the German newspaper Welt am Sonntag. citing a Commission document on “short-term energy market interventions”.
According to the document, EU member states should be allowed to adjust prices for a transitional period in order to prevent a sharp rise, even before a sharp shortage, Welt reports.
“The financing of this intervention requires significant sums,” the German newspaper quoted the document as saying.
Last March, the EU warned that seeking to impose a wholesale price ceiling on gas would cause problems and undermine efforts to turn to green energy.
The European Commission is set to unveil a detailed plan this month to cut off fossil fuel imports from Russia by 2027 in response to the Russian invasion of Ukraine. The European Union imports 40% of its natural gas from Russia.
Source: Capital
Donald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that resonates with readers across a spectrum of financial topics. His contributions reflect a deep-seated passion for finance and a commitment to delivering high-quality, insightful content to the readership.
