Document shows EU is looking to reduce energy bills for industry

A document obtained by revealed that the 'European Union' is looking at energy?taxes and network charges, as well as?carbon _costs, to see if they can be used in short-term solutions for industries affected by high energy costs.

Brussels is seeking quick fixes, after companies said they could not compete with their rivals from China and the U.S. – even before the recent surge in gas and oil prices triggered by the U.S. and Israeli war against Iran. Ursula von der Leyen, the President of the European Commission has promised to give options to EU leaders for a 19th March summit.

A paper prepared by the Commission for a meeting with EU Commissioners held on Friday revealed that?the bloc was exploring short-term?measures to help those hardest-hit regions and sectors, without undermining long-term climate laws meant to shift Europe towards a cheaper low-carbon energy system.

The document read by the.

The paper stated that the Commission would examine network charges, which represent?about 18%of industrial power bills, and national taxes and levies as well as carbon costs, which comprise?about 11%of bills.

The document noted that governments underuse existing tools for reducing companies'?energy costs, such as state aids to offset carbon cost and?contracts of difference that guarantee industrial customers a stable price on power. In the document, it was stated that if energy supply?is further disrupted, Brussels should be prepared to introduce measures in order to?encourage energy consumers to use less, just as they did in 2022, when Russia cut gas deliveries.

A spokesperson for the Commission did not respond immediately to a comment request. Reporting by Kate Abnett. Mark Potter (Editing)

(source: Reuters)