Ed’s note: Soaring energy prices – Do we have a plan B?

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Next week (21 – 22 October), the EU leaders will put their face masks on (both literally and figuratively) and travel to Brussels, in order to discuss the hot topics on the European and world agenda. Among the said hot topics of the European Council and in a prominent position, is the one about the energy prices.

“EU leaders will discuss the recent hike in energy prices. Leaders will assess what measures can be taken on both national and European level to address the impacts of this price increase”.

Right now, the prices are skyrocketing around Europe, with countries like Greece offering power bill subsidies to help households and small businesses. The EU Commission, on the other hand, is preparing “a 'toolbox' of measures for EU governments to tackle the ongoing surge in energy prices without harming Europe’s single market”. These include targeted support for low-income households, tax breaks, state aid for small businesses, market monitoring and enforcement, market reform, using revenues from the Emissions Trading Scheme (ETS), and the ‘panacea’ of promoting renewables and efficiency. That last one might actually be one of the reasons why we are in this position in the first place. Oh, well...