EU brings back anti-crisis measures? - From price restrictions to taxes on companies' windfall profits
The European Union is considering reinstating energy crisis measures it used in 2022 when Russia cut gas supplies, to address the ongoing disruption in energy markets caused by the war with Iran, the bloc's energy chief said.
Speaking after a virtual meeting of EU energy ministers to discuss their response, Commissioner Dan Jorgensen said the plans included proposals to curb network tariffs and taxes on electricity.
"We don't know how long this crisis will last. And since we don't know how deep it will be, we are also preparing different measures that are more similar to those we used during the crisis in 2022," he said.
The EU introduced a series of emergency policies in 2022 after Russia cut gas supplies following its full-scale invasion of Ukraine. They included an EU-wide cap on gas prices, a tax on windfall profits for energy companies, and targets to curb gas demand.
Jorgensen said war in Iran could cause prolonged problems in energy markets.
"Even if there were peace tomorrow, there would be consequences, because the energy infrastructure in the region has been destroyed by the war," he told reporters after a meeting of EU ministers.
Europe's heavy dependence on imported fuel leaves it exposed to the impact of the Middle East conflict on global energy prices. European gas prices have risen by more than 70% since the start of the US-Israeli war with Iran on February 28.
The bloc's supplies of crude oil and natural gas have not been directly hit by the closure of the Strait of Hormuz, as Europe imports most of these energy sources from suppliers outside the Middle East.
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