EU Adopts Previously Agreed Measures To Address Soaring Energy Prices - Council

EU Adopts Previously Agreed Measures to Address Soaring Energy Prices - Council

The European Union approved on Thursday new measures to address soaring energy prices, previously agreed on by member states, the Council said

MOSCOW (Pakistan Point News / Sputnik - 06th October, 2022) The European Union approved on Thursday new measures to address soaring energy prices, previously agreed on by member states, the Council said.

"EU member states today formally adopted a Council Regulation on an emergency intervention to address high energy prices," the Council said, adding that the adoption of the regulation by written procedure followed a political agreement reached by EU energy ministers at an extraordinary energy council on September 30.

The measures include a mandatory reduction target of 5% of electricity consumption during certain peak hours, additional fees from surplus revenues of energy companies, as well as a restriction on profits of companies that generate energy from cheap sources.

The additional funds raised by the EU states will be used to mitigate the impact of high energy prices on consumers and the economy.