EU expects high energy costs to linger – media

The European Commission (EC) expects gas prices in the EU to remain high throughout the coming winter and beyond, the commission’s spokesman, Tim McPhie, said at a briefing on Thursday, according to media reports.

“The prices will fall again in 2024-2025. But they are subject to some fluctuations,” McPhie said, as quoted by Interfax. He explained that the EC is doing everything possible to manage the demand for gas in order to mitigate the effect of high tariffs on households and businesses.

“We are in a very exceptional situation – supply does not match demand. That’s why we are focusing on managing demand,” McPhie told journalists, adding “We need to reduce the use of fossil energy sources. We also need to increase investment in renewable energy. All this is part of the REPowerEU plan.”

Gas prices in the EU have been hitting historic highs this year, driving up inflation and raising concerns about the approaching winter season.

The European Commission said on Thursday it was looking into options to cap energy prices and cut electricity demand as part of its upcoming proposals to tackle soaring energy costs.

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