September 27, 2022

Lots of the high tales within the European Union this previous week had been associated to the continuing vitality disaster as leaders rush to organize what may very well be for a tough winter. Here is a fast look.

The vitality energy play between the European Union and Russia entered a brand new spherical this week, with Gazprom shutting down as soon as once more the Nord Stream 1 gasoline pipeline for just a few days.

With vitality costs breaking new data, Brussels might intervene in its electrical energy market so as to mitigate skyrocketing costs, a topic that seems to not be taboo now that gasoline provides may very well be in danger forward of the winter.

“Skyrocketing electrical energy costs are actually exposing, for various causes, the restrictions of our present electrical energy market design,” European Fee Ursula von der Leyen mentioned this week.

“It was developed beneath utterly completely different circumstances and for utterly completely different functions. It’s not match for goal.

“That’s the reason we, the Fee, are actually engaged on an emergency intervention and a structural reform of the electrical energy market. We’d like a brand new market mannequin for electrical energy that basically capabilities and brings us again into stability.”

Whereas some European leaders thought the vitality disaster could be short-lived, now they see that costs will doubtless keep elevated for a number of years.

Fears are rising that Russia might utterly flip off the gasoline faucet so as to achieve political leverage over the EU.

Whereas Gazprom was as soon as extra stopping the gasoline circulation to Europe this week nevertheless, the Hungarian authorities introduced it had signed a cope with the Russian vitality large for five.8 million cubic metres of additional pure gasoline per day.

Hungarian leaders mentioned it will safe the nation’s vitality provide forward of the winter.

In the meantime, southern EU international locations are having their very own second as they’ve proposed for months now a change of the market mannequin in addition to a worth cap.

“Spain is ready to make use of all its capability to assist these international locations that proper now are struggling extra from dependency on Russia and Putin’s vitality blackmail,” Prime Minister Pedro Sanchez mentioned.

“We’ve got to do not forget that Spain is answerable for 30% of Europe’s LNG regasification capacities.”

Europe additionally marked the dying of the final chief of the Soviet Union this previous week.

Revered within the West, Mikhail Gorbachev, died on Tuesday on the age of 91 at a Moscow hospital.

Gorbachev will all the time be remembered because the chief who managed to finish the Chilly Struggle with out bloodshed, however failed to forestall the collapse of the Soviet Union.

That is why he’s very unpopular in Russia the place Putin described the collapse of the Soviet Union because the “best geopolitical disaster of the twentieth century”.

Every week Euronews offers a spherical up of high EU tales.

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