World, As Seen from the most beautiful islands: Ireland and Cyprus

EU comes up with a legislation to dampen the energy prices


The European Union’s Member States have reached a pivotal consensus on groundbreaking regulations for the electricity market, marking a significant milestone in efforts to mitigate the soaring electricity prices that have plagued consumers over the last two years.

During the recent energy crisis, the surge in gas prices triggered a cascading effect on electricity costs, rendering energy considerably more expensive and placing a considerable burden on households. Recognizing the urgent need to address this challenge, the newly-established European agreements are aimed at rectifying the situation. One notable aspect of the agreement is the provision to disentangle the tight linkage between gas and electricity prices, which contributed to the price volatility experienced during the crisis.

Furthermore, these regulations introduce mechanisms empowering national governments to curtail excessive profits reaped by energy companies during periods of extraordinary gains. This approach allows governments to channel such funds into supporting households and businesses in covering their energy expenses, thereby alleviating financial strains on consumers.

In addition to this, comprehensive agreements have been forged with regard to the subsidization of renewable energy sources, underlining the EU’s commitment to fostering sustainable and eco-friendly power generation.

The path to this historic agreement was not without its challenges, as France and Germany grappled with differences in their perspectives for an extended period. The German side expressed concerns about potential unfair competition arising from France’s ability to offer nuclear power-generated electricity at lower rates, thanks to the new regulations. Nonetheless, after extensive negotiations, both countries arrived at a consensus, underscoring the importance of this achievement.

However, it’s crucial to note that the agreements are not yet set in stone. The European Parliament still needs to deliberate and vote on these regulations, a vital step in the finalization of this groundbreaking development.

Written by: Liam O'Reilly

Liam O'Reilly is the founder of the publication, a former analyst at a major reputation agency in the UK, who chose Cyprus as his home.

Add comment

World, As Seen from the most beautiful islands: Ireland and Cyprus

From Trinity st. to Limassol, Cyprus

Ireland and Cyprus have one thing in common. The most beautiful islands are divided. Even proportions are strikingly similar. Both nations strive for unity and a good glass of the news. More about us under the link.

Contact us

Feel free to give us a tip: [email protected]

Recent Posts