Europe takes new measures against energy crisis

European countries are implementing various savings measures against rising natural gas and electricity prices, such as turning off the lights at certain times, reducing temperatures, as well as measures such as limiting energy prices, tax cuts and paying the poor.

Following the economic sanctions imposed due to the Russian-Ukrainian war, Russia’s interruption of natural gas supplies to Europe has revealed an energy crisis of unprecedented scale across the continent.

Prices in the European natural gas markets increased more than 10 times compared to a year ago and reached a historic peak. The increase in gas prices has also pushed electricity prices up rapidly. In the wholesale electricity markets in European countries, prices have also increased 8 times compared to 1 year ago.

Both the European Union (EU) and the member states are trying to implement various measures in order to ensure the security of energy supply and not to reflect the rapid price increase in these energy products to consumers to the same extent.

EU MEASURES

The EU has prepared a contingency plan in case the natural gas flow from Russia is interrupted. Within the scope of the plan, it was decided that all member countries should reduce their gas consumption by 15 percent. Thus, the EU countries, which consume about 400 billion cubic meters of gas per year, targeted to use about 45 billion cubic meters less gas annually.

The EU has also prepared legal regulations that will make it mandatory to fill underground natural gas warehouses in member states until the winter months. Within this framework, the target of filling natural gas tanks by November 1 was set at 80 percent.

MEASURES TAKEN IN UK

• In the UK, a £400 energy rebate with direct debit has been introduced for low-income households.
  Payments of £650 were made to the poor who received public assistance.
  An additional contribution of 300 euros was provided to pensioners.
  The new nuclear power plant planned to be built has been approved.
  It was announced that rock gas studies would be supported.
  The period of operation of some coal power plants has been extended.
  Despite the rising energy prices in the UK, new measures were announced last week to protect citizens.
  It was decided to keep the total of household energy bills constant for two years, with a maximum of £2,500 per year.
  Households will be given an extra £400 support for their energy bills.
  Licenses will be issued for the operation of new gas and oil fields in the North Sea.
  
  SOURCE: sozcu.com.tr/2022/ekonomi/avrupa-enerji-krizine-karsi-yeni-onlemler-aliyor-7359301/