World News | EU Assesses New Electricity Plan in Wake of Energy Crisis
Get latest articles and stories on World at LatestLY. The European Union is working on a thorough reform of its electricity market to shield citizens from sudden price spikes, speed up the use of renewable energy sources and make the bloc more independent in an increasingly unstable world.
Brussels, Mar 14 (AP) The European Union is working on a thorough reform of its electricity market to shield citizens from sudden price spikes, speed up the use of renewable energy sources and make the bloc more independent in an increasingly unstable world.
Tuesday's plan from the EU's executive Commission will seek to phase out the use of gas in electricity production after volatile prices caused by Russia's invasion of Ukraine pushed millions of people in the 27-nation bloc into or to the brink of poverty.
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It is only part of a whole package of EU measures to cushion the blow of the energy crisis that hit the EU especially last summer.
The plans from the Commission will now be assessed by the EU parliament and the member states before they can be turned into a series of laws, a process which is set to take several months at least.
“I do believe that parliament and (the member states) are willing to treat this as a priority,” said EU Energy Commissioner Kadri Simson. "That means that some parts of that proposal can ... help us already for the next year.” (AP)
(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)