Business The Twenty-seven agree on a 5% reduction in electricity demand during peak...

The Twenty-seven agree on a 5% reduction in electricity demand during peak hours and a rate on energy

EU flags – GUILLAUME PERIGOIS/UIMP

The Ministers of Energy of the European Union have closed this Friday a political agreement on emergency measures to intervene in the community electricity market and have agreed to reduce electricity demand in the EU by 5% during peak hours, a rate for fuel companies and establish a limit of 180 euros/MWh on the price at which inframarginal electricity producers can market energy.

After little more than an hour of meeting, the holders of Energy of the Twenty-seven have adopted these emergency measures to set a mandatory reduction in electricity consumption, establish a “solidarity” rate for fossil fuel intermediaries, such as oil companies, or redistribute to the most vulnerable the extraordinary benefits of inframarginal technologies that sell electricity above 180 euros/MWh.

The measures, which will be formally adopted by written procedure next week, will not enter into force until the day after their publication in the Official Journal of the European Union (OJEU).

Thus, the energy ministers have endorsed the Brussels proposal to set a mandatory 5% reduction in electricity consumption in the peak consumption time slots and a 10% decrease in electricity demand until the end of March 2023.

Source: Europa Press

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