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    EU-27 agree to reduce electricity demand by 5% at peak consumption hours

    September 30, 2022 - CE Noticias Financieras


      The Energy Ministers of the European Union have closed this Friday a political agreement on emergency measures to intervene in the EU electricity market and have agreed to reduce electricity demand in the EU by 5% at peak hours, a tax on fossil fuel companies and set a limit of 180 euros/MWh to the price at which infra-marginal electricity producers can market energy.

      After just over an hour's meeting, the EU-27 energy ministers adopted these emergency measures to set a mandatory reduction in electricity consumption, establish a "solidarity" levy on fossil fuel intermediaries, such as oil companies, and redistribute to the most vulnerable the extraordinary profits of infra-marginal technologies that sell electricity above 180 euros/MWh.

      The measures, which will be formally adopted by written procedure next week, will not enter into force until the day after their publication in the Official Journal of the European Union (OJEU).

      Thus, the energy ministers have endorsed the Brussels proposal to set a mandatory 5% reduction in electricity consumption at peak times and a 10% reduction in electricity demand until the end of March 2023.


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