EU is set to propose a mandatory target for reducing electricity use during peak hours, European Commission’s president said Wednesday.
EU to propose a mandatory target for reducing electricity use to ‘flatten the curve’
The President of the European Commission Ursula von der Leyen revealed the plans on Wednesday in a statement. She said the EU is going to take the step to stabilise the energy prices and “flatten the curve”.
NOW – EU will propose a "mandatory target for reducing electricity use at peak hours" in order to "flatten the curve." pic.twitter.com/Q6EuLLTM0L
— Disclose.tv (@disclosetv) September 7, 2022
“What has changed is global energy supply is scarce. This calls for smart reduction in demand. We need a strategy to flatten the peaks which drives the price of electricity,” she said in her official statement.
The official added that the EU will work closely with the Member States to achieve this. She also stated that the bloc will “put forward a set of five different immediate measures” amid “astronomical” electricity prices for households and companies. Their purpose is to regulate the extreme market volatility of energy prices.
The commission is also planning to apply “a cap on the revenues of companies that are producing electricity with low costs,” von der Leyen added in her statement.
The onset of rising tensions in Ukraine in February worsened the energy crisis emerging throughout Europe over the past year.
“We are facing an extraordinary situation, not only because Russia is an unreliable supplier, as we have witnessed over the last days, weeks, and months, but also because Russia is actively manipulating the gas market. I am deeply convinced that with our unity, our determination, our solidarity, we will prevail,” according to the official statement on the EU’s website.
The EU official said they are finding alternatives to Russian oil. “And we have been working very hard to diversify away from Russia towards other reliable suppliers, like for example the United States or Norway, Azerbaijan, Algeria and others. Actually today, Norway is delivering more gas to the European Union than Russia,” she added.
Additionally, logistical and financial operations disorder amid the crisis and Western authorization against Russia have diminished supply chains. They have also resulted in a surge in energy prices globally, driving many European countries to take contingency action.