skyrocketing prices, Putin promises more exports. What happens? – Corriere.it

skyrocketing prices, Putin promises more exports. What happens? – Corriere.it
skyrocketing prices, Putin promises more exports. What happens? – Corriere.it

FROM OUR CORRESPONDENT FROM BRUSSELS – I observe that Norway, one of our suppliers, has increased production and this is a very good example that others could follow. There President of the European Commission, Ursula von der Leyen, replies at a press conference at the end of the informal summit in Slovenia, to those who ask her if she thinks that Russia contributed to the increase in gas prices. And almost at the same time, Russian President Vladimir Putin makes it known that Gazprom increased supplies to Europe by more than 8% on Wednesday afternoon, announcing that we will exceed our contractual obligations to supply gas through the territory of Ukraine.

Fears of an inflation race are growing

Enough to reassure the markets and turn the tide by doing the price of November futures in the Netherlands and Great Britain fell by 7% on Wednesday (on the Dutch Title Transfer Facility reference platform), which again on Wednesday morning had touched 160 euros per megawatt hour. The descent continued on Thursday with the TTF which in the afternoon fell by 14.4% to 92.640 euros per megawatt hour. On Wednesday, the European stock exchanges had closed the day in the red anyway and in Milan the Ftse Mib lost 1.35%. The great volatility of the energy markets is causing i fears of a rush in inflation and a slowdown in the recovery. Rising gas and electricity prices are worrying EU leaders who will discuss how intervene in the European Council of 21-22 October, starting from the communication that the EU Commission will present next Wednesday with the tools (tool box) to deal with the emergency. The energy mix is ​​a national responsibility – said the President of the European Council Michel – but perhaps there is political space, at least I hope so, to follow a European approach on this issue.

Pressure from EU countries

States are divided on solutions. A group formed by France, Spain, Greece, the Czech Republic and Romania are lobbying for a quick response from the Commission and for coordinated solutions, from the reform of the energy market to the joint purchases and storage of gas, which will however be addressed in the review of the Third energy package for gas which will be presented in December and for now the orientation of a system on a voluntary basis. The countries of the North, but also Germany, Belgium and the Netherlands, are more cautious as emerged in the Environment Council on Wednesday. For the German minister Svenja Schulze, trying to influence the free market is something we are very skeptical of. The owner of the Energy Transition Roberto Cingolani believes that a solution to high energy prices cannot be found other than having a single European platform for gas, which means negotiating the purchase and storage of large quantities from different suppliers and then opening a serious and more open reflection on the energy mix of the future.

Political measures

There is no doubt – he said Wednesday there EU Commissioner for Energy Kadri Simson in the plenary of the EU Parliament in Strasbourg – that we must take political measures. The toolbox that the Commission will present on 13 October will make available to Member States tools that they can use both for the short and medium term to give targeted support to consumers, with direct payments for those at risk of energy poverty, decrease in the rate energy by shifting the burden of general taxation. These are all measures – said Simson – that can be taken quickly on the basis of European rules. The immediate priority is to mitigate social impacts to protect vulnerable families and ensure that energy poverty does not escalate, he added. Small and medium-sized enterprises can be helped with subsidized long-term state aid. Secondly, we need to ensure that markets function transparently and fairly. National competition authorities have a role to play in the markets.

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skyrocketing prices Putin promises exports Corriereit

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