KONTAN.CO.ID - BRUSSELS. The European Commission said on Monday it had decided not to prolong emergency measures introduced last year to shield consumers from soaring energy prices, adding those measures had helped to contribute to a calming of European electricity markets. At the end of 2022, the 27-member European Union was in the midst of an acute energy crisis fuelled by Russia's invasion of Ukraine, with member states then ploughing hundreds of billions of euros into tax cuts, handouts and subsidies to tackle the crisis. "The Commission confirms that it will not propose a prolongation of these crisis measures," it said in a statement, reminding these included electricity demand reduction measures, revenue caps for power plants and retail price setting rules.
European Union Puts an End to Its Electricity Market Crisis Measures
KONTAN.CO.ID - BRUSSELS. The European Commission said on Monday it had decided not to prolong emergency measures introduced last year to shield consumers from soaring energy prices, adding those measures had helped to contribute to a calming of European electricity markets. At the end of 2022, the 27-member European Union was in the midst of an acute energy crisis fuelled by Russia's invasion of Ukraine, with member states then ploughing hundreds of billions of euros into tax cuts, handouts and subsidies to tackle the crisis. "The Commission confirms that it will not propose a prolongation of these crisis measures," it said in a statement, reminding these included electricity demand reduction measures, revenue caps for power plants and retail price setting rules.