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EUCO Pres-EU Must Limit Energy Consumption, Increase Supply

EU

Comments from President of the European Council Charles Michel hitting wires.

  • In line with proposals from the Commission, Michel states that the EU must limit its energy consumption while at the same time increasing supply.
  • States that the EU needs to engaged with Algeria, Saudi Arabia, Qatar, and the UAE to deal with the current energy crisis. Says that for most of these four countries it is possible to increase supply, and that the conditions for this must be determined.
  • Michel says that there are 'good proposals' on energy prices on the table but that 'more will be needed'. Adds that investment in renewables must be sped up.
EU has talked up the prospect of significant electricity demand reductions across its member states. Remains to be seen how this is enforced by member state gov'ts, could see some significant pushback from households and businesses (and of course given high prices, many will already be reducing their energy use voluntarily).
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