EU ministers meet in bid to agree on policy for energy costs

THE European Union has intensified efforts to shield the population from soaring energy costs that could dump millions into cold and poverty over the winter as Russia’s war in Ukraine drives up global energy prices.

Energy ministers of the 27 member nations gathered in an emergency meeting in Brussels and were hoping to overcome differing views on various proposals to keep gas and electricity prices within the realm of the affordable. They range from windfall taxes on some companies to setting a price cap on buying Russian gas.

Officials said it was unlikely the ministers would find full agreement yesterday, with the implementation of a price cap on Russian gas among the outstanding issues. They might agree to provide liquidity support to energy companies to deal with the extraordinary situation and measures on how to impose electricity reductions similar to those already agreed on gas.

“There is no time to wait and we have to be swift and united,” said Jozelf Sikela, industry minister of the Czech Republic, which chaired yesterday’s meeting. Despite the urgency, with the first chill in the morning announcing the onset of autumn, the ministers will only give guidelines to the executive commission, which will present a firm proposal for the member states next week.

Member states will then reassess in the hope that a firm decision can be taken early next month.