Today, the Energy Council has discussed the energy price crisis and adopted a Council Regulation on an emergency intervention to address high energy prices.
We take note of the Regulation’s provisions to cap market revenues on inframarginal generation technologies but are deeply concerned about patchwork implementation.
We call on Member States to:
- stick to a EU-level cap set at 180 EUR/MWh,
- apply the cap on net market revenues only, and
- collect revenues on a monthly portfolio basis in order to take into account all the market revenues and expenses as well as the hedging costs.
We call on the European Commission to tightly oversee implementation and safeguard the Internal Energy Market.
With the Regulation behind us, it is high time to talk about real solutions and deal with the root cause of the energy crisis. The high prices of energy are driven by Europe’s dependency on a expensive and volatile fossil fuels imports. The leaks detected this week on the Nord Stream pipelines are yet another evidence of that.
We call on the European Commission to propose an emergency plan for boosting renewables now, and land that with the Council before end of the year, applying the same Art 122 emergency procedure.