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Rising inflation, cuts in energy consumption endanger European solidarity, report says

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MOSCOW (Sputnik) – The European nation’s cohesive stance on Russia is being severely tested amid rising inflation and energy-saving measures, the Financial Times reported on Saturday.

Media reports say the EU has shown a united front since Russia launched a special military operation in Ukraine, but burgeoning inflation, a cost of living crisis, and the realistic prospects for energy distribution are putting European leaders at risk. He said there was a crack between them.

According to the paper, ties between European nations on energy issues don’t appear to be this strong, and there are some indications that consumer pressure could break them down.

From 2021 onwards, European energy prices will rise as part of a global trend. Inflation is accelerating and fuel prices are rising exponentially after the start of Russian operations in Ukraine and the adoption of several sanctions packages against Moscow in the West. Prices hit $2,500 per 1,000 cubic metres, after announcing plans to cut supplies from to under 33 million cubic meters per day through major gas pipelines. This is 20% of the pipeline’s nominal capacity.

Luxembourg's Energy Minister Claude Turmes (second from left), Denmark's Climate Minister Dan Jorgensen (middle), Czech Republic's Josef Sikela, at an emergency meeting of EU Energy Ministers in Brussels on Tuesday 26 July 2022. Talking to the Minister of Industry (second from right) - Sputnik International, 1920, 26 July 2022

EU energy ministers reach political agreement on framework for gas cuts

On Tuesday, EU energy ministers reached a political agreement on a so-called ‘save gas for a safe winter’ plan on coordinated gas demand reduction measures. The emergency plan recommends a 15% voluntary reduction in natural gas consumption from August 2022 to March 2023.

Some countries have already spoken out against consumption cuts, including Italy, Poland, Hungary, Portugal, Greece and Spain.



https://sputniknews.com/20220730/skyrocketing-inflation-energy-consumption-cuts-endanger-european-solidarity-reports-say-1097951627.html Rising inflation, cuts in energy consumption endanger European solidarity, report says

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