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Czech EU Pres-Ministers Reached Agreement On Energy Price Mitigation

EU

Comments from the Czech EU presidency hitting wires.

  • Czech EU Presidency: 'Ministers reached a political agreement on measures to mitigate high electricity prices'.
  • Czech EU Presidency: 'Deal reached on mandatory electricity demand reduction, a cap on market revenues from inframarginal electricity producers and solidarity contribution from fossil fuel producers'.
  • Inframarginal electricity producers refers to renewable, nuclear, and lignite electricity producers who sell electricity at a higher market price in spite of lower generation costs.
  • There is still the thorny issue of a gas price cap to work out, which several countries including Germany are seen as opposing. While the measures above look set for approval, the gas price cap could prove too large an issue to resolve in today's meeting.
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