Norway Key to EU Gas Transition - Other Talks Ongoing

EU leaning on Norway to help bloc transition away from Russian gas based on Von der Leyen morning speech.

• “I have agreed with [Norwegian] Prime Minister Store to set up a task force. Teams have started their work.” she said, “We need to keep working to lower gas prices,”.
• Stoere said earlier this week that Norway was not in favor of a cap on European gas price cap.
• Von der Leyen said the bloc aimed to raise more than 140 billion euros from a swoop on the revenues of low-cost power producers, to be funneled to consumers to help soften the blow of the energy crisis and limit government debt. The commission is also proposing a temporary levy on fossil-fuel producers.

Von der Leyen also said:

• The bloc will set up a European Hydrogen Bank with 3 billion euros to help “building the future market for hydrogen.”
• The EU and Norway have agreed to set up a task force as part of efforts to lower the price of gas
• “Reducing demand during peak hours will make supply last longer, and it will bring prices down.” Draft documents ahead of the speech showed she would propose a mandatory peak-hours reduction.
• Commission will work with regulators to ease liquidity problems in power markets
• The EU plans to have a unified deal in place to tackle the energy crisis by early October. Differing vulnerabilities to gas throughout Europe on a country by country basis means it is proving hard to generate a consensus in plans.
• The EU is also exploring ways to support energy traders because of soaring collateral demands – the market awaits further details on this.
• Talks at today’s EU session are ongoing with further information on the energy markets expected later.