Connect with us

Entertainment

Oil price cap and new sanctions against Russia: EU agrees

Published

on

Ursula von der Leyen - Photo by Ansa FotoUrsula von der Leyen – Photo by Ansa Foto

Capping the price of oil and new sanctions against Russia: there is the agreement of the 27, reached during Coreper, the meeting of representatives of the member countries.

This is the eighth package of measures aimed at stopping Putin in the war against Ukraine by hitting him economically. The formalization of the approval will be done by written procedure.

Von der Leyen: “Inflation must be limited”

“High gas prices drive up electricity prices. We must limit this inflationary impact of gas on electricity everywhere in Europe. For this reason, we are prepared to discuss a cap on the price of gas used to generate electricity”. These are the words of European Commission President Ursula von der Leyen, speaking at the plenary session of the European Parliament today, Wednesday 5 October.

“The price cap is a temporary solution”

“We also need to consider gas prices beyond the electricity market. Such a gas price cap must be properly designed to ensure security of supply. And it is a temporary solution to deal with the fact that the TTF, our main benchmark for prices, is no longer representative of our market, which now includes more LNG,” von der Leyen continued.

“We have reduced our gas consumption by around 10%. We need to do more, but this is an important fact. Gas supplies have decreased to 7.5% of line gas,” he continued.

Von der Leyen: “Strengthening RePowerEU”

And he concluded: “So I think we should further strengthen RePowerEU with additional funding, joint funding. In this way, all states can accelerate the necessary investments”.

Ecofin: ok to adopt RePowerEU

Meanwhile, at the Ecofin meeting, the summit of economy and finance ministers of EU member states gave the green light to adopt the plan drawn up by the European Council on RePowerEU. The national NRPs will be modified, adding a chapter on energy and asking to use Next Generation Eu loans for energy investments.

Basically, the project aims to add a new chapter of the RePowerEU to the RNRs of the different member countries, as part of the next generation, to finance investments and reforms in order to achieve the objectives of the European energy plan.

Continue Reading

Recent News

Luxury Care Homes Luxury Care Homes
Home11 hours ago

Elevating Elder Care: Exploring Luxury Care Homes

As the population ages, the demand for elder care services continues to rise. With this increasing demand comes a need for...

Injection Molding Service Injection Molding Service
Lifestyle20 hours ago

Value Of Injection Molding Service In Modern Manufacturing

There are various fields in which the Injection Molding Service is used for manufacturing purposes. It is one of the boons...

SOHO SOHO
Tech1 day ago

Wireless Networking in a SOHO Environment

Also for a witness of this size, small office/home office or SOHO Network , it is very important to take...

Nikhil Mayakuntla Nikhil Mayakuntla
Tech2 days ago

Nikhil Mayakuntla Builds Your First Website (Step By Step)

Nikhil Mayakuntla, originally from West Des Moines, IA, is a beacon in the tech industry, especially revered for his profound...

Termite Treatment Termite Treatment
Home3 days ago

Mastering the Art of Pest Control and Termite Treatment: A Comprehensive Guide to Protecting Your Home

In homeownership, there are few concerns as pressing and potentially devastating as the threat of pests and termites. These insidious...

Cold Cold
Lifestyle4 days ago

6 Tips for Working Out in the Cold Season

As winter’s icy embrace tightens, maintaining an active lifestyle demands fortitude and savvy adaptation to the cold. However, armed with...

insMind insMind
Tech4 days ago

Reimagine Your Photos with insMind: The Best Free AI Background Generator

Imagine turning a simple snap into a studio-quality image in seconds. No technical skills or hiring professionals are required. Sounds...

Sickness Insurance Sickness Insurance
Health7 days ago

Exploring the Essentials of Sickness Insurance

In an uncertain world where health is often unpredictable and sickness is common, insurance stands as a pillar of financial...

Manchester Manchester
Real Estate7 days ago

Manchester Property Market: Future Growth and Expert Insights

For those seeking lucrative, low-cost, high-yield investment opportunities, the property market in Manchester currently presents a compelling case. Estate agents...

Baking Baking
Food1 week ago

3 Reasons Why Baking is a Great Hobby for 2024

Life in 2024 is fast-paced, making it hard for people to find time for hobbies they enjoy. However, if you...