RePowerEU Plan: Joint European action on energy prices

The REPowerEU Plan includes specific actions in response to the surge in energy prices: 
 

• The Gas Storage Regulation agreed on 27 June 2022 requires EU countries to fill their gas storage facilities to 80% by 1 November in 2022 and to 90% the years to follow. From an energy price perspective, this would ease markets during the winter, limiting the surge in prices
• The Regulation on coordinated demand-reduction measures entered into force on 9 August, coordinating demand reduction measures for gas across the EU
• The Regulation on an emergency intervention to address high energy prices, adopted on 6 October 2022, incorporates itself:
  • Measures to reduce electricity demand
  • A cap for "inframarginal" producers to EUR 180/MWh 
  • A temporary solidarity contribution on excess profits in the oil, gas, coal and refinery sectors, to be redirected to energy consumers
• In April 2022, the EU Commission published the "Playing my part" plan jointly with the IEA, encouraging citizens to reduce their energy use
• On 19 December 2022, EU energy ministers reached a political agreement on a Market Correction Mechanism, valid for one year and entering into force on 15 February 2022.

 

 

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