• Advert Rate
Tuesday, March 28, 2023
  • Login
Nigeria News
Advertisement
  • NEWS
    • Politics
      • World News
    • Business
    • Sport
    • Entertainment
    • Health
  • Election 2023
  • Journalists’ Hangout
  • Issues With Jide
  • Trending Video
  • More
    • Advert Rate
    • Contact Us
    • Privacy Policy
    • Cookies Policy
No Result
View All Result
  • NEWS
    • Politics
      • World News
    • Business
    • Sport
    • Entertainment
    • Health
  • Election 2023
  • Journalists’ Hangout
  • Issues With Jide
  • Trending Video
  • More
    • Advert Rate
    • Contact Us
    • Privacy Policy
    • Cookies Policy
No Result
View All Result
Nigeria News
No Result
View All Result
Home Business

EU moves to cut peak electricity use by 5% across Bloc

Share on FacebookShare on Twitter

EU chief Ursula von der Leyen has called for cuts to electricity use across the bloc and windfall taxes on energy firms to tackle high prices.

She told the European Parliament that gas and electricity prices had hit all-time highs after Russia’s invasion of Ukraine.

She called for electricity consumption to be cut at peak hours by at least 5%.

But plans for a cap on the price of natural gas, a key Russian export to the EU, were put on hold.

The plan outlined in Strasbourg targets “excess revenues” with proposals to skim the profits of low-carbon electricity producers and implement a de facto windfall tax on the oil, gas and coal sectors.

The money raised, estimated to be €140bn (£121bn; $141bn), would go to families and businesses across the EU’s 27 states.

The EU’s member states will pore over the proposals with hopes of an agreement by the end of this month.

Ms von der Leyen also announced she would be visiting Ukraine again later on Wednesday for talks with President Volodymyr Zelensky, saying: “Europe’s solidarity with Ukraine will remain unshakeable.”

Mr Zelensky’s wife Olena was in the parliament as guest of honour to hear the speech.

Ms von der Leyen said that “making ends meet” was “becoming a source of anxiety for millions of businesses and households”.

“In these times it is wrong to receive extraordinary record revenues and profits benefiting from war and on the back of our consumers,” she argued.

‘Russia’s industry is in tatters’
Defending EU sanctions on Russia, she said: “This is the time for us to show resolve, not appeasement.”

“Russia’s financial sector is on life-support,” she asserted, with nearly 1,000 international companies having left the country.

“The Russian military is taking chips from dishwashers and refrigerators to fix their military hardware because they ran out of semiconductors. Russia’s industry is in tatters.”

Russia has so far largely managed to avoid the economic meltdown predicted back in the spring when sweeping sanctions were imposed. It has cushioned the blow with revenue from oil and gas sales.

Ukraine has officially been a candidate for accession to the EU since June.

It recently began a counter-offensive to drive back Russian troops, reportedly regaining thousands of sq km of territory in the east and the south this month.

“This is the time for us to show resolve, not appeasement,” said Ms von der Leyen. “We are in it for the long haul.”

It was her conviction, she said, “that with courage and solidarity, [Russian President Vladimir] Putin will fail and Europe will prevail”.

Russia, a global energy supplier, is locked in an economic struggle with the EU which imposed sweeping sanctions in response to the invasion.

Before the invasion, Russia accounted for 40% of the EU’s imported gas. That figure has since fallen to below 10%.

This summer, European gas prices were about 10 times higher than their average level over the past decade.

A portion of the gas is also burnt to generate electricity, meaning that high gas prices push up power bills too.

Ms von der Leyen said EU states had managed to stockpile gas reserves for the winter to 84% of capacity, well ahead of an October deadline.

She named the US, Norway and Algeria as “reliable” gas suppliers.

She also announced plans to set up a European hydrogen bank to promote investment of up to €3bn in that fuel as a green alternative to fossil fuels.

 

 

ADVERTISEMENT

Trending Stories

S
Latest News

Nigerians Defence Academy Kaduna.

November 30, 2022
We are working to enhance security for train service -NRC
Latest News

We are working to enhance security for train service -NRC

November 16, 2022
Soludo vows to go after killers of Soldiers in Umunze
Latest News

Soludo vows to go after killers of Soldiers in Umunze

October 6, 2022
Gunmen kill five soldiers, others in Anambra community
Latest News

Gunmen kill five soldiers, others in Anambra community

October 11, 2022
FG approves N580.5M for Armoured Vehicles for NDLEA
Latest News

FG approves N580.5M for Armoured Vehicles for NDLEA

October 11, 2022
SWAGA inaugurates women wing in Oyo for 2023 Elections
Latest News

SWAGA inaugurates women wing in Oyo for 2023 Elections

October 10, 2022
Igbo community backs Zamfara on Banditry, pledges cooperation
Latest News

Igbo community backs Zamfara on Banditry, pledges cooperation

October 11, 2022
Yoruba Youth celebrate campaign start off, donate Tinubu banner
Latest News

Yoruba Youth celebrate campaign start off, donate Tinubu banner

October 11, 2022

Trending Video

«
Prev
1
/
155
Next
»
loading
play
Wike, Makinde Deliver Speech At The Commissioning Of Trans-Kalabari Road
play
UPDATE | Ayu Steps Down, As Damagum Takes Over As PDP Acting Chairman
play
Wike Full Speech At The Commissioning Of Phase 1 Of Trans-Kalabari Road
play
Wike Appreciate Trans-Kalabari People For Their Turnout In the Just Concluding Election
play
Seyi Makinde Full Speech As He Commission the Phase 1 of Trans-Kalabari Road
play
Moment Seyi Makinde Commission Trans-Kalabari Road, Phase 1
play
I fulfil My 2014 Promise To Complete This Project Of Trans-Kalabari Road
play
TRENDING | Ayu Steps Down As PDP National Chairman
play
COMMISSIONING OF TRANS-KALABARI ROAD PHASE 1 | RIVERS STATE INFRASTRUCTURE
play
Court Restrain Ayu From Parading Self As PDP Chairman
play
Watch | Ex-CGS Oladipo Diya to Get State Burial – Gov Abiodun
play
President-Elect should focus on Government of National Unity - Sani
play
Why It Is Wrong To Say Governor Wike Worked Against Peter Obi - Gov Umahi
play
WATCH: Gov Umahi Begs Tinubu To Make Wike A Part of His Administration
play
(WATCH) Ogun State Govt Takes Over Lt General Diya's Burial
«
Prev
1
/
155
Next
»
loading
Next Post

EU chief proposes crisis measures to curb energy price spike

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Currently Playing

TVC News Nigeria LiveStream

TVC News Nigeria LiveStream

01:20:26
ADVERTISEMENT

Health

Ghana officially declares end to Marburg virus outbreak

by tvcnews
October 17, 2022
0

  Ghana has announced an end to the Marburg virus outbreak two months after the disease was discovered in the...

Monkey pox: China cautions citizens against close contacts with foreigners

by tvcnews
October 17, 2022
0

  China's chief epidemiologist Wu Zunyou has cautioned the populace against close contacts with foreigners to prevent the spread of...

Edo stakeholders meet on ways to tackle drug abuse amongst youths

by tvcnews
October 17, 2022
0

  Wife of Edo state governor, Betsy Obaseki, has advocated for a collaborative effort to combat drug abuse amongst youths....

MDCN warns practitioners against unethical practices

by tvcnews
October 17, 2022
0

  The Medical and Dental Council of Nigeria (MDCN) has warned that it will not hesitate to sanction and censure...

FG approves vaccine production plant in Ogun state

by tvcnews
October 17, 2022
0

  The Federal Executive Council has approved the process of establishing a vaccine manufacturing plant in Ota, Ogun State. Dr....

ADVERTISEMENT

TRENDING

S
Latest News

Nigerians Defence Academy Kaduna.

by aarontvc
November 30, 2022
0

They are here for a convocation lecture marking the commencement of graduation activities for the passing out parade of cadets...

Read more
We are working to enhance security for train service -NRC
Latest News

We are working to enhance security for train service -NRC

by TVCN
November 16, 2022
0

The Terrorists attack on the Abuja-Kaduna train on March 28 is still fresh in the memories of Nigerians. With this...

Read more
Soludo vows to go after killers of Soldiers in Umunze
Latest News

Soludo vows to go after killers of Soldiers in Umunze

by TVCN
October 6, 2022
0

Anambra State Governor, Professor Chukwuma Soludo has confirmed the killing of soldiers in Umunze, while also condemning the act. Soludo...

Read more
Load More
Nigeria News

We bring you all the latest and breaking news happening in Nigeria. You will also find interesting headline topics from news from around the world on different topical issues in Politics, Health, Business, Entertainment, Environment, Sports, and more.

Follow Us

  • Advertise
  • Privacy & Policy
  • Contact

© 2022 TVC Communications - Owner of TVC News

No Result
View All Result
  • NEWS
    • Politics
      • World News
    • Business
    • Sport
    • Entertainment
    • Health
  • Election 2023
  • Journalists’ Hangout
  • Issues With Jide
  • Trending Video
  • More
    • Advert Rate
    • Contact Us
    • Privacy Policy
    • Cookies Policy

© 2022 TVC Communications - Owner of TVC News

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In