European Union: Energy ministers agree to measures to reduce electricity prices

1 October, 2022
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European Union: Energy ministers agree to measures to reduce electricity prices

European Union energy ministers have reached a political agreement on a proposal for a Council regulation to tackle rising energy prices.


The regulation provides common measures to reduce electricity demand and collect and redistribute surplus energy sector revenues to end customers, according to an EU statement.


"We live in exceptional times and act in an exceptionally fast, coordinated and solidarity way to form a united front against" Russia's "armament of energy supplies," said Josef Sekila, Minister of Industry and Trade of the Czech Republic.

The Council approved a target of a total voluntary reduction of 10% of total electricity consumption and a target of a mandatory 5% reduction of electricity consumption during peak hours, between December 1, 2022 and March 31, 2023, and Member States will be free to choose appropriate measures to reduce electricity consumption. Consumption for both targets in this period.


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