The energy minister of Brussels has reportedly demanded an immediate price cap on gas.
The Minister of Energy in Brussels has reportedly demanded an immediate price cap on gas.
According to statements made by Belgian Energy Minister Tinne Van der Straeten, the European Union (EU) could be in for “awful” winters in the years to come if the leaders of the bloc do not take quick action to set a price ceiling on uncontrolled gas prices.
According to a tweet sent out by the minister, “if nothing is done, the next five to ten winters would be horrific.We have to act at the source, which is Europe, and focus on freezing gas prices.”
According to Van der Straeten, who stated that the link between gas prices and electricity prices needs urgent change, a price cap might help reduce skyrocketing energy bills by €770 ($770), which would be a savings for consumers.
The remarks come as leaders of the 27-nation EU union are preparing an emergency intervention to address the increasing energy prices that are being incurred by businesses and consumers throughout the bloc.
According to Van der Straeten’s assessment, the energy market in Europe is in a condition of collapse and requires reform immediately.
“This is no longer acceptable for a great number of households and businesses. Even if it costs the same to manufacture as it did the year before, the cost of electricity is at an all-time high. By making changes, we are addressing the problem of excessively high profits.”
The minister stated that the time for discussing was done and that it was now time to make a decision.