Belgian Energy Minister Tinne Van der Straeten warned that the next five to 10 winters in Europe will be “terrible” unless the European Union moves to swiftly impose a price cap on runaway gas prices. Belgian Energy Minister Tinne Van der Straeten warned on Monday that Europe is facing “terrible” winters in the next five to 10 years if the European Union does not move to swiftly impose a price cap on unconstrained gas prices, Belgian Energy Minister warned on Sunday. Tinne Van der Straeten further explained that a price cap could help to reduce energy bills by €770 ($771).
“The next 5 to 10 winters will be terrible if nothing is done,” Van der Straeten tweeted on Sunday.
“We must act at the source, at [the] European level, and work on freezing gas prices.” she added.
The minister’s remarks come amid growing calls for the EU to urgently combat skyrocketing energy bills for households and businesses. Gas prices have skyrocketed to record highs in the wake of Russia’s war in Ukraine, triggering an unprecedented barrage of punitive sanctions against Moscow, and accordingly an increase in electricity prices.
Gas is a key source of electricity generation. The Belgian minister added that the link between gas prices and electricity prices needed urgent reform.
“The European energy market is failing and urgently needs reform,” “This is no longer tenable for many families and companies. Electricity is produced as cheaply as last year but sold at record prices. By reforming, we are tackling exuberant excess profits.” Van der Straeten said. “The time for talking is over, now it is time to decide.”
European governments are currently scrambling to fill underground storage facilities with gas supplies in order to have enough fuel to keep homes warm during the coming winter.
Last year, Russia supplied roughly 40 percent of the EU’s gas. It has drastically lowered gas flows to Europe in recent weeks, citing faulty and delayed equipment.
