EU energy ministers meet in Brussels to find solutions to rising energy prices

The EU energy ministers will meet for an extraordinary meeting of the Energy Council in Brussels on Friday 9 September 2022. The meeting will focus on energy prices and preparations for the coming winter.

Czech Republic, which currently holds the Presidency of the Council of the EU, again invited the EU’s energy ministers to an extraordinary Energy Council meeting to address the energy price crisis, preparations for the approaching winter, and security of energy supply. Minister of Economic Affairs Mika Lintilä will represent Finland at the meeting. 

The energy ministers last convened at an extraordinary Energy Council meeting in July, which dealt with security of energy supply and the European Commission’s package of measures to reduce gas use in winter. 

The meeting on Friday will discuss measures aimed at stabilising the entire EU energy market and saving energy. No official decisions will be made at the extraordinary Council meeting. 

In her speech on 7 September 2022, President of the European Commission Ursula von der Leyen described the measures the Commission will propose to curb high electricity prices. Von der Leyen’s proposed measures include reducing the use of electricity, especially during peak consumption, capping the revenues of companies that produce electricity and fossil energy on low cost, calming the derivatives market and lowering the price of gas.

Energy markets must be stabilised at EU level

Finland considers the rise in energy prices and the forecast prices for next winter worrying and emphasises that the energy market must be stabilised quickly at the EU level. Finland is open to different options for reducing the rise in energy prices and uncertainty in the market. 

As an EU-level measure, Finland proposes that the technical price ceiling for the electricity market be lowered from the current level. The measure aims to stabilise the entire system and achieve a sustainable price level in a situation where the market suffers from an electricity shortage.

High prices in the derivatives market have caused a liquidity crisis for electricity producers. To stabilise the electricity derivatives market, the Commission should review the rules for the derivatives market, especially the collateral requirements. 

It is important for Finland that the measures taken at the EU level are fixed-term and as specific as possible. They must not affect the green transition or security of energy supply negatively.

Inquiries:
Hannes Torppa, Special Adviser to the Minister of Economic Affairs, tel. +358 295 047 405
Nina Alatalo, Adviser to the Minister of Economic Affairs (EU and International Affairs), tel. +358 29 504 7171 
Tatu Pahkala, Senior Adviser, Ministry of Economic Affairs and Employment, tel.  +358 290 642 17