Over 1 million pilgrims benefit from golf cart service at Grand Mosque during Ramadan    Visitors welcomed with Eid initiative at Thee Ain Heritage Village in Al-Baha    Tebuk emir reviews rain response in Tayma    Saudi Arabia considers rent cap as part of major real estate reforms    Messi's bodyguard banned from touchline at Inter Miami games    Screen time in bed linked to insomnia, study finds    Le Pen vows to appeal political ban, calls verdict a 'denial of democracy'    Death toll from Myanmar earthquake rises to 2,719 as rescue efforts continue    Russia, Ukraine trade blame over new energy strikes    Putin orders Russia's largest military call-up in over a decade    Albania hosts MWL chief for Eid sermon at largest mosque in the Balkans    Haramain High-Speed Railway transports over 1.2 million passengers during Ramadan    Saudi Transport Authority says passengers can ride for free if taxi meters are off    Ministry of Education forms 425 community partnerships with SR653 million impact    Mexico bans junk food in schools to fight childhood obesity epidemic    Sweet sales surge ahead of Eid as Saudi chocolate imports top 123 million kg in 2024    Saudi creatives shine at Jeddah's Fawanees Nights with art, fashion, and storytelling    T1 CEO confirms Gumayusi's return for LCK Spring after lineup shakeup    100 Thieves claim Marvel Rivals Invitational NA crown as 2025 scene heats up    Bollywood actress vindicated over boyfriend's death after media hounding    Saudi Arabia hold Japan to goalless draw in Saitama to stay in World Cup hunt    Grand Mufti rules against posting prayers and preaching in mosques on social media    King Salman prays for peace and stability for Palestinians in Ramadan message King reaffirms Saudi Arabia's commitment to serving the Two Holy Mosques and pilgrims    Bollywood star Saif Ali Khan 'out of danger' after attack at home in Mumbai    Exotic Taif Roses Simulation Performed at Taif Rose Festival    Asian shares mixed Tuesday    Weather Forecast for Tuesday    Saudi Tourism Authority Participates in Arabian Travel Market Exhibition in Dubai    Minister of Industry Announces 50 Investment Opportunities Worth over SAR 96 Billion in Machinery, Equipment Sector    HRH Crown Prince Offers Condolences to Crown Prince of Kuwait on Death of Sheikh Fawaz Salman Abdullah Al-Ali Al-Malek Al-Sabah    HRH Crown Prince Congratulates Santiago Peña on Winning Presidential Election in Paraguay    SDAIA Launches 1st Phase of 'Elevate Program' to Train 1,000 Women on Data, AI    41 Saudi Citizens and 171 Others from Brotherly and Friendly Countries Arrive in Saudi Arabia from Sudan    Saudi Arabia Hosts 1st Meeting of Arab Authorities Controlling Medicines    General Directorate of Narcotics Control Foils Attempt to Smuggle over 5 Million Amphetamine Pills    NAVI Javelins Crowned as Champions of Women's Counter-Strike: Global Offensive (CS:GO) Competitions    Saudi Karate Team Wins Four Medals in World Youth League Championship    Third Edition of FIFA Forward Program Kicks off in Riyadh    Evacuated from Sudan, 187 Nationals from Several Countries Arrive in Jeddah    SPA Documents Thajjud Prayer at Prophet's Mosque in Madinah    SFDA Recommends to Test Blood Sugar at Home Two or Three Hours after Meals    SFDA Offers Various Recommendations for Safe Food Frying    SFDA Provides Five Tips for Using Home Blood Pressure Monitor    SFDA: Instant Soup Contains Large Amounts of Salt    Mawani: New shipping service to connect Jubail Commercial Port to 11 global ports    Custodian of the Two Holy Mosques Delivers Speech to Pilgrims, Citizens, Residents and Muslims around the World    Sheikh Al-Issa in Arafah's Sermon: Allaah Blessed You by Making It Easy for You to Carry out This Obligation. Thus, Ensure Following the Guidance of Your Prophet    Custodian of the Two Holy Mosques addresses citizens and all Muslims on the occasion of the Holy month of Ramadan    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



EU should be 'very careful' about capping gas prices, warns German minister
Published in The Saudi Gazette on 20 - 09 - 2022

The European Union should be "very careful" about imposing a price cap on all gas imports entering the bloc, Anna Lührmann, Germany's minister of state for Europe, has warned.
The idea of an EU-wide gas cap has gained traction in recent weeks after prices broke new records in August and pushed electricity bills to unsustainable highs. Italy, Belgium, Greece, Sweden and Poland are among those backing the initiative, which is still in its early stages.
But Germany, the EU's largest economy and gas consumer, remains opposed, believing the measure could scare suppliers away and endanger the bloc's security of supply.
"The issue with the price cap is that: if you introduce a price cap, as the EU unilaterally, and all the other consumers around the world don't do it, then the gas will go to other consumers and thus we might have a shortage in gas supplies," Lührmann told Euronews in an interview.
"So, I think we should be very careful with these kinds of price caps and do everything we can to diversify our supply structure. That will also help to address the price issues."
Lührmann said that, instead of imposing a horizontal price cap on gas imports, the EU should engage directly with its main gas suppliers and negotiate lower prices.
"It would be important to discuss with individual gas suppliers, such as Norway, ways to reduce the price because they have a big interest in the European Union and the European market," the minister said.
"But overall, there's no alternative to actually finding the ways of how we can use energy more efficiently and how we can build up a sustainable energy system [based] mainly on renewable sources."
Norway, which this year replaced Russia as the EU's leading gas supplier, has said it is "skeptical" about a price cap but open to finding solutions. The country's trade surplus reached an all-time high of almost €20 billion in August, mostly due to soaring gas prices.
The European Commission is studying the measure's potential risks, including its impact on the liquefied natural gas (LNG) market, and has not yet tabled a formal proposal for ministers to discuss.
For the time being, the EU's emergency package will focus on three elements: electricity savings during peak hours, a cap on the excess revenues made by non-gas power plants (such as wind, solar and nuclear) and a windfall tax on the surplus profits reaped by fossil fuel companies.
The overall goal is to curb demand while raising extra money for governments.
"We can use those surpluses and give them back to consumers, to citizens, particularly those in need, so that we reduce the prices for them," Lührmann said.
The minister, who belongs to the Greens, said the new EU measures are a "very good" starting point but should be complemented by an extra effort at the national level to boost renewables.
"I'm quite convinced that if we follow them through," she said, "we [can] manage to get through this winter and also create conditions to make our economies sustainable without Russian energy supplies."
EU energy ministers are set to meet on Sept. 30 to debate and green light the emergency measures. — Euronews


Clic here to read the story from its source.