All posts tagged: Energy prices

5 fights to watch out for at summit of EU leaders – POLITICO

5 fights to watch out for at summit of EU leaders – POLITICO

Poland, Czechia, Slovakia, Romania, Greece, Hungary, Italy, Bulgaria, Austria and Croatia are urging the EU executive to reexamine the scheme by the end of May at the latest, arguing it harms their industries and is contributing to rising energy prices.  But not everyone agrees, with two EU officials from ETS-supporting countries saying the cap-and-trade system must remain in place. The first official argued it is not contributing to the energy crisis and is actually helping Europe’s economy, with its revenues needed for the green transition.   On the topic of energy, the Commission’s proposed gas price cap is also likely to be raised, though not all countries are likely to get on board with that either, according to a senior German government official. According to the draft conclusions, EU leaders will instruct the Commission to “present without delay a toolbox of targeted temporary measures” to bring down energy prices.  Competitiveness, anyone? EU vs. itself Despite the crises crowding the agenda, leaders will still try to push forward plans to revive Europe’s economy, building on talks at a February summit at Alden Biesen in Belgium. Most of the proposals fall under the “One Europe, One Market” push to deepen the single market — easing the movement of goods, services, capital and people across the bloc. The draft conclusions …

Europe could offer to help Trump on Iran — if he backs Ukraine, Finland’s Stubb suggests – POLITICO

Europe could offer to help Trump on Iran — if he backs Ukraine, Finland’s Stubb suggests – POLITICO

Stubb told his audience he feared that peace talks in Ukraine are fast approaching a moment of truth, which could force Kyiv to accept a a bad settlement that involves ceding territory to Putin. The negotiations could even collapse, leaving Europe on the hook — without American help — obliging European powers to step in to help Ukraine with more intelligence, weapons and other support, he said.  Stubb said he takes a realistic view of how much he is able to influence Trump, after the two bonded over a seven-hour golf and lunch meeting last year. Finland has just bought 64 F-35 fighter jets from the U.S. and hosts thousands of American troops training in Arctic conditions. “I have no illusions about who can convince President Trump on anything,” Stubb said. “If I get one idea out of 10 in on Ukraine, I think it’s good.” The implications of the war in Iran are “negative” for Ukraine, mainly because the price of oil favors Russia’s war machinery, Stubb said. “The Russian economy was actually doing …

Energy bills put Starmer in a spending bind – POLITICO

Energy bills put Starmer in a spending bind – POLITICO

Officials simply “haven’t moved on” with targeting data since the last energy crisis, Westerman said, adding: “That is a failure of governments plural to learn the lessons from last time.”   Energy companies, pushing ministers over the issue, have grown frustrated.   “Industry has called for government to provide the data so that we can target support [to] those who need it. And there’s just been little to no progress on this,” Caitlin Berridge-Dunn, head of external affairs at energy supplier Utilita, said.  New and old ideas  One option, separate from bills, would be to maintain a longstanding, five pence per liter tax relief on gasoline and diesel, a fuel duty cut which expires in September. The oil price shock has driven up costs at the pump by more than eight pence per liter for gasoline and more than 18 pence for diesel. Another approach officials could opt for, according to Westerman, and reported in The Times Monday, is to expand the existing Warm Homes Discount, a one-off payment to reduce bills for the poorest households, as a vehicle for getting more support to people who need it most.  But that approach, he cautioned, would not catch the “squeezed middle” of households.   Source link

Not one molecule! EU rules out relaxing Russian gas ban to ease energy crisis – POLITICO

Not one molecule! EU rules out relaxing Russian gas ban to ease energy crisis – POLITICO

The comments come as a growing chorus of EU leaders push for a rethink of the bloc’s relationship with Russia, which threatens to upend the implementation of the EU’s historic phase-out of Russian gas. The Commission is set to announce a similar ban on oil next month. “We’ve been far too long dependent on energy from Russia, making it possible for Putin to blackmail us with energy, making it possible for Putin to weaponize energy against us, and we are determined to stay on course with these issues,” Jørgensen added. “It would be a mistake for us to repeat what we did in the past. In the future, we will not import as much as one molecule from Russia.” Hungarian Prime Minister Viktor Orbán has been among the most vocal advocates for revived Russian trade, calling on the EU to suspend sanctions on Moscow last week. On Sunday, Belgian Prime Minister Bart de Wever said the EU ought to negotiate with Russia to eventually “regain access to cheap energy.” Russian President Vladimir Putin has also …

EU losing credibility by not standing up to Trump, former top diplomat blasts – POLITICO

EU losing credibility by not standing up to Trump, former top diplomat blasts – POLITICO

The criticism comes as von der Leyen faces a growing rebellion from Spanish socialists from Sánchez’s party, who form an important part of her own dominant coalition in the European Parliament. Senior lawmakers last week condemned comments from the Commission president in which she declared “Europe can no longer be a custodian for the old-world order, for a world that has gone and will not return.” Representatives for von der Leyen declined to comment. Von der Leyen has measured her criticism of the U.S. and Israel, saying that the Iranian regime deserves to fall but urging diplomatic solutions to the conflict. The European Commission President used her State of the Union speech in September to say she would halt bilateral payments to Israel and sanction “extremist ministers.” Spain will hold parliamentary elections by August next year at the latest, and von der Leyen’s center-right European People’s Party is hoping to take control of the government — with its national affiliate, the Partido Popular, polling consistently ahead of Sánchez’s socialists. Borrell also weighed into the EU’s …

Zelenskyy decries ‘blackmail’ by Europe over Druzhba oil pipeline – POLITICO

Zelenskyy decries ‘blackmail’ by Europe over Druzhba oil pipeline – POLITICO

Budapest has accused Kyiv of deliberately blocking progress on repairing the infrastructure in order to engineer an energy crisis in the Hungary. In response, Hungarian Prime Viktor Orbán has been blocking the release of a €90 billion tranche of EU funding for Ukraine needed to keep the war-torn country financially afloat. On Thursday, the European Commission proposed sending a fact-finding mission to inspect the damage to the Druzhba pipeline in an attempt to resolve the dispute. “If we have decided to restore Russian oil supplies, then I want them to know that I am against it. … But if I am given conditions that Ukraine will not receive weapons, then, excuse me, I am powerless on this issue; I told our friends in Europe that this is called blackmail,” Zelenskyy said in reported remarks. The price of oil has surged passed $100 a barrel in recent days due to disruptions linked to the war in Iran, which began with American-Israeli strikes on Tehran on Feb. 28. Washington has eased sanctions on certain Russian oil consignments …

Iran warns of retaliation after US bombing of Kharg Island – POLITICO

Iran warns of retaliation after US bombing of Kharg Island – POLITICO

U.S. President Donald Trump late Friday said the U.S. had launched air strikes on Kharg Island, targeting only military assets in what he called one of the “most powerful bombing raids in the History of the Middle East.” The island, a 5-mile strip of land, is home to Iran’s most important oil facility, where roughly 90 percent of the country’s crude is processed. Trump said the U.S. attack spared vital oil infrastructure on the island. But “should Iran, or anyone else, do anything to interfere with the Free and Safe Passage of Ships through the Strait of Hormuz, I will immediately reconsider this decision,” he said on social media. On Saturday, Trump said “many countries … will be sending war ships, in conjunction with the United States of America, to keep the Strait open and safe.” “Hopefully China, France, Japan, South Korea, the U.K., and others, that are affected by this artificial constraint, will send ships to the area so that the Hormuz Strait” can be protected, Trump said in a post on Truth Social. The …

UK households urged to stockpile on 9 items amid Iran war | UK | News

UK households urged to stockpile on 9 items amid Iran war | UK | News

Households across the UK are being encouraged to ensure they have emergency supplies as tensions rise over a possible conflict involving Iran. Government preparedness guidance advises families to think about what they would need if they had to remain at home for several days during an emergency such as a power outage, water shortage or severe weather. The advice has gained renewed attention as Western governments assess the implications of threats made by Donald Trump to unleash what he described as “Death, Fire and Fury” on Iran. Officials in the UK have been monitoring developments closely. A spokeswoman for 10 Downing Street confirmed that the Prime Minister spoke with the US president on Sunday to discuss the situation in the Middle East. “The Prime Minister spoke with the President of the United States, Donald Trump, this afternoon,” the spokeswoman said. “The leaders began by discussing the latest situation in the Middle East and the military cooperation between the UK and US through the use of RAF bases in support of the collective self defence of …

Norway pitches itself as Europe’s energy lifeline – POLITICO

Norway pitches itself as Europe’s energy lifeline – POLITICO

Norway supplies roughly a third of EU gas imports, though Arctic gas accounts for a much smaller share, around 3 percent of the bloc’s imports. Still, Norwegian leaders argue a moratorium would send the wrong signal while Europe remains dependent on external energy supplies. Norwegian officials, industry groups and unions are lobbying Brussels to drop the idea, arguing Europe will continue to need Norwegian Arctic gas as it phases out Russian supplies. | Soeren Stache/picture alliance via Getty Images Ine Eriksen Søreide, the leader of Norway’s Conservative party, said calls to stop Arctic development clash with Europe’s current energy security priorities. “It sends a very bad signal when the Commission says we need to stop oil and gas development in the Arctic, because that’s development the EU relies on,” she said. Experts say the broader Arctic energy picture is dominated by Russia, which has major plans to expand liquefied natural gas production through projects such as Yamal LNG and Arctic LNG 2. Malte Humpert, founder and senior fellow at the Arctic Institute, said climate change is …