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On 20 and 21 October 2022, EU Heads of State or Government will meet for a formal European Council dedicated to Ukraine, energy and the economy – three interlinked topics that have been permanently on the European Council agenda since Russia launched its war on Ukraine. EU leaders are expected to condemn Russia's further escalation of the conflict and recent attacks on civilians and infrastructure across Ukraine; condemn the sham referendums in four Ukrainian regions; consider the deepening food ...

On 30 September 2022, the Council of the European Union agreed an urgent regulation to address the problem of very high energy prices in the EU. The Council regulation would raise revenues for Member States to compensate energy consumers for rising prices. Firstly, Member States would receive the excess revenues of electricity generators that rely on cheaper 'inframarginal' energy technologies. These companies are obtaining windfall revenues from high electricity prices caused by the exceptional ...

Since Russia invaded Ukraine, Europe has found itself in an energy crisis. Skyrocketing gas and electricity prices, coupled with energy supply concerns, have obliged the European Union (EU) to take action to mitigate the situation. Reducing energy consumption is seen as one of the key measures the EU Member States can take to reduce energy bills and tackle supply issues. It can help them reduce their energy import dependency and prepare for a winter of possible gas supply disruptions. It can also ...

This paper provides a summary of recent economic, financial and budgetary decisions and developments following President Vladimir Putin’s decision of 24 February to start a military attack against Ukraine. It includes recent information relating to the EU sanctions regime, recent economic estimates, and policies supporting economic and financial resilience, including the coordination of national economic and fiscal measures. It also highlights policy recommendations made in the public domain to mitigate ...

The European Union is debating how to respond to the energy crisis resulting from Russia’s war on Ukraine. Energy prices are surging in the EU and elsewhere, as Russia curtails fossil fuel exports with the aim of pressing the Union to reduce its support for Ukraine. Gas prices are now some ten times their average over the last decade. Individual EU governments are offering their citizens and businesses financial relief, but they face the dilemma of balancing this aid with allowing energy prices to ...

European Commission President Ursula von der Leyen's third State of the Union address, scheduled for 14 September 2022, will be delivered at a time when the European Union and its Member States are facing unprecedented geopolitical and economic challenges. Rising energy prices and accelerating climate change are testing the EU's resilience. On a more positive note, the recovery and resilience plans of most Member States have been approved, and the Next Generation EU spending programme will provide ...

Solar energy in the EU

Briefing 30-08-2022

The EU solar energy strategy proposed under the REPowerEU plan aims to make solar energy a cornerstone of the EU energy system. Boosting renewable energy is also an important part of the European Green Deal in the context of the green transition towards climate neutrality. Solar energy is affordable, clean and has been the fastest-growing energy source in the last decade. It can be used for electricity and heating, while also helping reduce EU dependency on energy imports by replacing them with domestic ...

According to a recent European Parliamentary Research Service Cost of Non-Europe (CONE) report, ambitious and united European Union (EU) action in climate and energy policy could be very beneficial, bringing gains of up to 5.6 % of gross domestic product (GDP), equal to €1 trillion additional GDP per year in 2050, compared to a continuation of the status quo (see Figure 1). However, failure to arrive at a common approach, in particular by collectively addressing volatile energy prices and systemic ...

The 48th G7 Summit took place at Schloss Elmau, Germany, on 26-28 June 2022. Russia's war on Ukraine has heavily affected the G7's deliberations this year and created pressing new global challenges that were discussed both in the preparatory meetings and at the summit itself. The resulting communiqué focuses on supporting Ukraine, on reducing the impact of the war on the global economy, security of supply and prices of energy and food, climate challenges and the new G7 partnership for infrastructure ...

Energy poverty in the EU

Briefing 04-07-2022

In 2020, about 36 million Europeans were unable to keep their homes adequately warm. Energy poverty is a multi-dimensional phenomenon, considered to be caused by a combination of low income, high energy expenses, and poor energy efficiency in buildings. The EU has been addressing this issue in various legislative and non-legislative initiatives, most recently in the context of its climate policies and energy transition. The Gas and Electricity Directives call for the protection of vulnerable consumers ...