In Europe, we have found a way to solve problems with high gas prices and intend to discuss this in the near future.
According to Bloomberg, the European Commission has already prepared a plan to overcome the gas crisis. The EU representatives will discuss the possibility of joint procurement and storage of natural gas, which will help to increase its energy stability and solve the problem of sky-high prices for blue fuel.
The document, developed by the European Commission, contains many important proposals that help to overcome the consequences of the gas crisis: an increase in state aid to companies, tax cuts, and support for the most vulnerable low-income segments of the population.
Great hopes are pinned on an early transition to renewable energy sources. The EC plans to consider all possible ways to speed up this process. It is supposed to actively speed up this transition, because in Brussels, “green” energy is considered the most reliable insurance against possible shock situations in the future.
Fuel prices are expected to drop by next spring. However, energy prices are likely to exceed the averages of previous years. In recent months, the cost of gas in Europe has broken all records. Experts attribute this to several factors: limited supply from the main suppliers, low occupancy of underground gas storage facilities, and high demand for LNG in Asia.
Greece offered a pan-European hedge against gas price surges to help households cope with rising energy prices across the block. Gas prices have skyrocketed this year as the global economy recovers from the coronavirus pandemic and global demand is growing much faster than supply.