Thursday, September 8, 2022

EU Calls On Energy Ministers To Make Concerted Efforts To Address Surging Energy Prices - UrduPoint

The European Economic and Social Committee (EESC) on Thursday called on energy ministers to launch a joint action to address surging energy prices by reforming the energy market.

"The EU is faced with an unprecedented surge in energy prices. Ahead of the extraordinary Energy Council on 9 September, the EESC calls for joint European action to ensure the stability of electricity prices and to urgently reform the energy market," the statement read.

The committee said that household and businesses should obtain energy saving technologies and "produce energy themselves.

" The countries should also redistribute "windfall profits as financial compensation to energy consumers" and expand renewable energy production and grid infrastructure.

Since 2021, energy prices in Europe have been surging as part of a global trend. After the beginning of Russia's military operation in Ukraine in February 2022 and the adoption of several packages of sanctions against Moscow by the West, fuel prices have accelerated the growth, pushing many European governments to resort to contingency measures.

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