Energy Union Task Force examines measures to bring down energy prices

Responding to the call by EU leaders at the October European Council, the Energy Union Task Force (EUTF) met today to exchange on measures to bring down energy prices. Participants from all EU countries and the European Commission focused on the set of immediate actions presented by Energy and Housing Commissioner Dan Jørgensen to energy ministers last month.

The actions, which draw from the measures outlined in the Affordable Energy Action Plan, include targeted use of State aid, EU funds and financial instruments to support energy projects and energy-intensive industries, while also accelerating permitting, expanding and using better interconnections, diversifying gas supplies, and reducing taxes and levies on electricity.

In the EU, average wholesale gas prices are now at around €30-35/MWh, down from €150-300/MWh at the peak of the energy crisis. Electricity prices have fallen to about €82/MWh on average, while with significant discrepancies in price levels across Europe, down from €400/MWh at the peak. While this represents a significant drop, energy prices remain historically high. Further integration of clean energy in the EU countries' electricity mixes, like renewables and nuclear, and ensuring that the system is ready through stronger interconnectivity, modern grids and sufficient storage and flexibility, will lower energy market prices.

Moreover, in addition to retail prices, the energy bills paid by consumers include taxes, levies and network charges. These have an impact on the competitiveness of European industries and household budgets.

Bringing energy bills further down therefore requires both shared collective action by EU countries and the EU.

At today's meeting, the Energy Union Task Force specifically looked into the drivers for the current high energy prices, what measures are being taken so far at EU and national levels, and what can the task force address further. The Commission will continue to provide support to all EU countries through the task force, as well as in regional or bilateral formats.

Background

Composed of senior representatives from the Commission and EU countries, the task force serves as a political platform to enhance coordination and cooperation, address key issues, and advance the completion of the Energy Union. The task force was launched last June at the initiative of the European Commission.

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