EU preparing ‘emergency intervention’ in energy market to drive down prices

The current electricity market design was 'developed for different circumstances', European Commission president Ursula von der Leyen said in a speech at the Bled Strategic Summit in Slovenia. Photograph: Filip Singer/ShutterstockThe European Union is preparing an “emergency intervention” in its energy market to drive down ballooning power prices, European Commission president Ursula von der Leyen said on Monday.

Ms Von der Leyen’s statement was discussed at a two-hour meeting of senior Government ministers in Dublin, as was the plan to convene an extraordinary energy council of ministers from the 27 EU member states next week. Minister for the Environment and Green Party leader Eamon Ryan will attend. Spiralling energy costs are the main factor in rising inflation around Europe, leading to calls for energy price caps amid fears of social unrest.

Germany and Austria are among the countries to support decoupling the cost of gas from wholesale electricity prices. Senior sources in Dublin indicated tentative support for such measures, one saying it would be a “no-brainer”. But the steep rise in gas prices since Russia began preparing its invasion of Ukraine and the threats from Moscow to cut gas supplies to EU member states have revealed the risks of using the fuel as a benchmark. Mr Ryan will tell an Oireachtas committee on Tuesday that the price of gas is “the biggest energy challenge facing Ireland and Europe”.

IrishTimes Vin der Leyen is the one of the most extremist politician in Europe and needs to replaced with somebody who will promote peace and a clear understanding of economies . She is a clown with a captain Ahab complex

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