9/11/2022
European Union Leaders Divided On How To Curb Soaring Energy Costs
European Union energy ministers are struggling to reach an agreement on ways to ease soaring energy prices.
Russia has cut supplies of the cheap, natural gas the 27-nation bloc has relied on for years to generate electricity, power factories, and heat homes. European officials call it energy blackmail a punishment for their backing of Ukraine.Â
The prospect of factory shutdowns and rolling blackouts has the EU debating subsidies, price caps and profit taxes.
These are economic measures once considered bad policy, amounting to interference with the market.
Protesters in Italy say energy costs are adding to the strain. Germany is considering reactivating two of its nuclear power plants that were scheduled to be shut down.
French President Emmanuel Macron says the best energy is that which is not consumed. He’s calling for a 10% reduction in energy use in the coming months to avoid rationing in the winter.
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