The President of the European Council asks the EU to go further against the energy crisis

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European Council President Charles Michel said on Friday the EU must go beyond its current plans to tackle the energy crisis and make sure citizens can pay their energy bills.

“These are good proposals, but more is needed,” Michel told reporters, referring to EU plans to cut energy prices for citizens and businesses in the bloc.

“On prices, there is a proposal on the table. (…) It’s good, but is it enough? I don’t think so, I think it’s important to accelerate in terms of the electricity market,” he said, while stressing the need for rework pricing mechanisms.

The EU executive has proposed raising more than €140 billion ($139.4 billion) to protect consumers from rising energy prices by cutting the revenues of low-cost electricity generators and making Fossil fuel companies share windfall profits.

EU energy ministers will debate these proposals on September 30, before national leaders from the 27 EU member countries meet a week later to discuss the matter.

Michel, who is chairing the talks of the 27 EU leaders, said the bloc needed to reduce energy consumption as well as increase supply, an issue he recently discussed with Algeria, Qatar, Saudi Arabia and the United Arab Emirates.

Although he did not seal any concrete agreement, he said that the possible enhanced cooperation included the increase in energy supply from Algeria to Spain, the EU investment in the improvement of gas connections between Algeria and Italy, as well as a cable to transport electricity . .

In Qatar, Michel said there was talk of diverting some LNG supplies destined for Asia to Europe in the short term.

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He added that Saudi Arabia offered the EU to invest in its green hydrogen development plans, while the United Arab Emirates offered to invest in its renewable energy projects.

“What they want to know is whether we are willing to accept long-term contracts,” Michel said.

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