MEPs discuss consequences for the energy market with the European Commission

MEPs discussed the situation on the energy market in the context of the ongoing war in Ukraine, with Energy commissioner Kadri Simson. 

Kadri Simson said that the European Commission is actively working to ensure that a stable electricity and gas supply can be maintained in Ukraine, despite the war. Discussions are ongoing for a possible extension of the reverse flow of gas to the next heating season, as well as the synchronization of the Ukrainian power grid with the European one, she said.

Ms. Simson highlighted that the sanctions proposed by the Commission towards Russia, while not directly targeting trade in energy commodities, will deplete revenues from refined oil, as they include a ban on exports of specific refining technologies. She warned that the European energy market remains very tight and called for the speedy adoption of the December proposals by Parliament. The EC stands ready to propose extraordinary measures in case of escalation of prices, she added.

(WBJ)