A measures to tackle energy price spike
27 EU member states agreed to several proposals previously made by the European Commission, such as a voluntary overall 10 per cent reduction target for electricity consumption in addition to a mandatory cut of 5 per cent of power consumption during peak hours. “This won’t be an easy winter for us and next winter will be even more difficult,” said the European Commission’ s Energy Commissioner Kadri Simson during a press conference. Renewable energy producers will see their revenue capped at €180 per megawatt hour due to their unexpectedly high revenue in the past months. The EU’s system of pricing allows for all electricity producers to be paid the same price for the power they are selling despite differences in running costs. The commission hopes to raise €117 billion with this levy.