The Energy Union Task Force, a political platform established to enhance coordination and cooperation among EU countries and the European Commission, has been actively examining measures to reduce energy prices. This initiative was prompted by the call from EU leaders during the October European Council meeting, where they emphasized the need to address the high energy prices affecting industries and consumers. The Task Force's primary focus is on implementing immediate actions outlined by Energy and Housing Commissioner Dan Jørgensen, which include targeted use of state aid, EU funds, and financial instruments to support energy projects and energy-intensive industries. These actions are designed to complement the measures in the Affordable Energy Action Plan, which aims to secure affordable, efficient, and sustainable energy for the EU.
The current wholesale gas prices in the EU are around €30-35/MWh, a significant decrease from the peak of the energy crisis when prices reached €150-300/MWh. Similarly, electricity prices have dropped to approximately €82/MWh on average, down from €400/MWh during the crisis. However, despite this substantial reduction, energy prices remain historically high. To further lower energy market prices, the EU plans to integrate more clean energy sources, such as renewables and nuclear power, into the electricity mix of its member states. This integration will be supported by stronger interconnectivity, modern grids, and sufficient storage and flexibility.
In addition to wholesale prices, the energy bills paid by consumers include taxes, levies, and network charges, which impact the competitiveness of European industries and household budgets. Therefore, reducing energy bills requires a collective effort from both the EU countries and the EU itself. The Energy Union Task Force's meeting today delved into the drivers of high energy prices, the measures being taken at the EU and national levels, and the potential further actions the Task Force can undertake. The European Commission will continue to provide support to all EU countries through the Task Force and in regional or bilateral formats.
The Task Force, comprising senior representatives from the Commission and EU countries, was launched in June at the initiative of the European Commission. It serves as a platform to address key issues, enhance coordination, and advance the completion of the Energy Union. The Task Force's work is crucial in addressing the energy crisis and ensuring a more sustainable and affordable energy future for the EU.
