Austrian Chancellor Nehammer Calls for EU-27 to Stand Together for European Electricity Price Cap

PeopleOther ♦ Published: August 29, 2022; 21:31 ♦ (Vindobona)

Given the sharp rise in energy prices, Austrian Chancellor Karl Nehammer is calling for a European electricity price cap to "finally" put a stop to "this madness that is currently taking place on the energy markets. According to Nehammer. this is only possible through a European solution.

The German government invited representatives of the energy market to an energy summit. / Picture: © Bundeskanzleramt (BKA) / Arno Melicharek

In the past days and weeks, the chancellor has exchanged views with energy experts and with German Chancellor Olaf Scholz and Czech Prime Minister Petr Fiala on a pan-European approach.

On Sunday evening, the German government then consulted with representatives of the Austrian energy industry at the Federal Chancellery. "The price of electricity must be decoupled from the price of gas and must be brought back into line with the actual costs of generation," Nehammer said. So far, some countries have been skeptical, but the Chancellor believes these concerns can be addressed. According to Nehammer, "Something must finally happen now; this market will not regulate itself in its current form. I call for all EU-27 countries to stand shoulder to shoulder to stop this price explosion immediately."

He added that "Putin must not be allowed to decide the European electricity price every day." It is clear, he said, that the exchange price for electricity must fall again. This is necessary immediately for households as well as for the economy and industry. Therefore, according to the Chancellor's Office, every effort is being made to find a "sustainable solution model" that can be implemented quickly. To this end, further talks will be held in the coming days with decision-makers at the EU level, in the Council of Heads of Government, Nehammer said.

Chancellor Nehammer stressed that it is necessary to convince all those who still have doubts that the way to contain this crisis and save the European economy must be a "European solution". According to Nehammer, the issue will also be on the agenda of the planned special meeting of EU energy ministers.

Federal Chancellery of Austria