EU Foresees Persistent High Energy Prices

During a press briefing on Thursday, Tim McPhie, European Commission spokesperson, said that the bloc's experts foresee that high energy prices will remain over the coming winter and beyond.

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"The prices will fall again in 2024-2025. But they are subject to some fluctuations," said the EC spokesperson, adding that the European Union administration is working to deal with the gas demand, intended to o mitigate the effect of high tariffs on households and businesses.

"We are in a very exceptional situation – supply does not match demand. That's why we are focusing on managing demand," said McPhie.

"We need to reduce the use of fossil energy sources. We also need to increase investment in renewable energy. All this is part of the REPowerEU plan," he added.

As a result of the sanctions imposed on Russian gas prices, supplies have been reduced, rocketing to historic highs this year in the EU, making inflation grow and unlashing concerns in the scenario of the approach to the winter season.

As part of the proposed strategies to tackle soaring energy costs, the Commission seeks options to cap energy prices and cut electricity demand as part of its upcoming proposals to tackle soaring energy costs.