EU energy crisis plans are already driving down wholesale gas prices

EU energy crisis plans are already driving down wholesale gas prices
EU energy crisis plans are already driving down wholesale gas prices

Wholesale gas prices are falling as the EU’s plan to avoid a winter energy crisis in Europe takes shape.

Wholesale gas prices have fallen amid signs that European leaders’ plans can avert a winter energy crisis, the report said. Guardian.

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The price of natural gas for delivery on Friday fell 21% from last night as the European Commission confirmed it was working on “emergency measures” and the German government said it was “prepared” for winter.

The UK wholesale natural gas price for delivery next week fell 9%, while next month’s price fell 6% on Thursday.

“Proceedings for emergency measures regarding electricity prices”

Earlier this week the day-ahead price fell after the European Commission announced it was working on an emergency package, as well as considering a structural reform of the electricity market. The Commission has announced it is considering plans to cap energy prices and limit electricity demand as part of upcoming proposals to tackle rising energy costs.

Mechthild Wörsdörfer, deputy director-general of the Commission’s energy department, told a meeting of the European Parliament’s Energy Committee: “There are processes for emergency measures regarding electricity prices. There may also be something about reducing the demand for electricity.”

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The head of the European Commission, Ursula von der Leyen, will present the Commission’s proposals for the ceiling on energy prices on September 14.

Germany is leading the way

European countries rushed to fill natural gas storage facilities after Russia cut supplies to Europe.

Germany is one of the nations most exposed to potential gas shortages, and there are fears that if the Kremlin cuts off supplies completely, its economy could fall into recession.

However, the German Minister of Economy and Climate, Robert Habeck, stated that the necessary preparations for this winter have begun. “That’s why we have answers and progress that allows us to be prepared for winter,” he said.

Earlier this week German Chancellor Olaf Scholz said his government had “taken very long-term decisions quite quickly”. However, Hambek warned that the work to secure natural gas reserves is not yet complete, the report concluded.

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The article is in Greek

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