A political agreement on a proposal for a Council Regulation to address high energy prices has been agreed by EU energy ministers at an extraordinary energy summit on 30 September.
The regulation, which will apply from 1 December 2022 to 31 March 2023, introduces common measures to reduce electricity demand and to collect and redistribute the energy sector's surplus revenues to final customers. An infographic explains the measures, which are:
- Reducing electricity use
- Capping revenues of electricity producers
- Securing a solidarity contribution from fossil fuel businesses.
According to the infographic: “The new rules will also allow member states to temporarily extend regulated electricity prices to small to medium businesses. This is also allowed for households and microenterprises.” The Irish Government reportedly expects that it can raise at least €1-2 billion from the measures.