Energy Minister Van der Straeten said the link between gas prices and electricity prices urgently needed reform.
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Belgian Energy Minister Tinne Van der Straeten warned that the next five to 10 winters in Europe would be “horrible” unless the European Union moved quickly to impose a price ceiling on gas prices.
“The next 5 to 10 winters will be horrible if nothing is done,” Van der Straeten said via Twitter Sunday. “We must act at the source, at [the] European level, and working on frozen gas prices. “
Van der Straeten said the price cap could help reduce energy bills by 770 euros ($771).
Her comments come amid growing calls for the 27-nation bloc to urgently fight Energy bills skyrocket for homes and businesses.
Gasoline prices have skyrocketed to a record high in the wake of Russia’s Onslaught in Ukraine, triggering an unprecedented series of punitive sanctions against the Kremlin. This has also increased electricity prices.
Gas is the main source of electricity generation.
Belgium’s Van der Straeten said the link between gas prices and electricity prices needed urgent reform.
“European energy markets are failing and urgently need reform,” says Van der Straeten. “This is no longer possible for many homes and companies. Electricity is produced as cheaply as last year but sold at record prices. By reforming, we are solving it. outstanding profit. “
She added, “The time to talk is over, now it’s time to decide.”
‘Stop the madness’
European governments are currently scramble to fill underground storage facilities with gas supplies enough fuel to keep homes warm for the coming months.
Russia – which supplied about 40% of the gas to the EU last year – has sharply reduced flows to Europe in recent weeks, citing faulty equipment and delays.
Germany sees the supply cuts as a political move aimed at sowing uncertainty across the EU and raising energy prices amid the Kremlin’s war in Ukraine.
Austrian Chancellor Karl Nehammer backs calls for EU-wide price caps due to soaring energy prices.
“Ultimately we must stop the madness taking place in the energy markets. And that can only happen through a European solution,” Nehammer said in a statement Sunday, according to Reuters.
“Something has to happen eventually. This market will not adjust to its current form. I call on all EU 27 [member states] together to stop this price boom immediately,” he added.
