European Union energy ministers met on Friday to seek agreement on ways to shield citizens from sky-high energy prices and prevent power utilities from collapsing as Russia has gradually turned off gas supplies to Europe in the standoff over Ukraine, according to France24.
EU diplomats say member states broadly back proposals to help power providers from being crushed by a liquidity crunch but are divided about plans to cap Russian gas prices. Russia, which supplied Europe with a third of its gas supplies until its invasion of Ukraine sparked a crisis, has said it would turn off supplies completely if a cap is imposed.
Friday’s ministerial talks aim to whittle down options to those with broad support before presenting formal proposals, rather than reaching a final decision. „We are in an energy war with Russia,” Czech Industry
Minister Jozef Sikela said as he arrived at the emergency Brussels meeting. „We have to send a clear signal that we would do whatever it takes to support our households, our economies.”
Energy bills, already surging as demand for gas recovered from the COVID-19 pandemic, rocketed higher still after Russia invaded Ukraine and the West imposed sanctions on Moscow. Governments have been scrambling to limit the price shock.
The European Commission has proposed offering emergency liquidity for power firms facing soaring collateral requirements, a move diplomats said EU governments broadly supported. Some also back proposals to curbing power demand.
But diplomats said the price cap proposal divided opinion, with some saying it would not help given Moscow’s deliveries to Europe have plummeted. Some central European states which still receive Russian gas fear losing it completely.