“We have agreed on a joint storage. We are now at 84% - exceeding our goal. But unfortunately it will not be enough, difficult months await us ”. She said Ursula von der Leyen, President of the European Commission, in his State of the Union speech delivered to the European Parliament in Strasbourg, recalling that the Commission has worked to diversify its supply from Russia by turning to other "more reliable" suppliers, such as "the United States, Norway, Algeria and others”. “Last year, Russian gas accounted for 40% of our gas imports. Today it is down to 9% pipeline gas.” In his speech, the number one of the EU Commission also spoke of debt and of the reform scheduled for October after submitting the EU plan against expensive energy which will be discussed by the extraordinary Energy Council convened for Friday 30 September in Brussels. The package mirrors the no paper that the EU executive had presented before Energy Council of 9 September, with the absence of the ceiling on the price of gas, on which member countries are still very divided.
In his speech, von der Leyen reiterated Europe's "unwavering" solidarity with Ukraine. “From day one, Europe has stood by Ukraine. With weapons. With funds. With hospitality for refugees. And with the sanctions toughest the world has ever seen. Russia's financial sector is in crisis." And she added: “I want to be very clear: le penalties are here to stay. This is the time to show determination, not acquiescence."
Von der Leyen: "More flexibility in debt reduction"
Clear ideas also on debt. “In October we will present new ideas for our economic governance. But let me share some basic principles with you. Member States should have greater flexibility in their debt relief journeys. But there should be greater accountability in carrying out what we have agreed."
“There should be simpler rules for everyone to follow. To open the space for strategic investments and give financial markets the confidence they need,” continued von der Leyen. “Let's chart a common path once again. With more freedom to invest and more control over the progress made. More ownership by the Member States and better results for citizens”, he stressed again. “Let's rediscover the spirit of Maastricht: stability and growth can only go hand in hand”.
EU measures against expensive energy
The European Union will launch a "deep and comprehensive reform" of the electricity market, continued the president of the European Commission in her speech in Strasbourg. "Consumers should reap the benefits of low-cost renewable energy," said von der Leyen, "so we need to decouple the dominance of the gas price over the electricity price."
Green light from Brussels also to extra profit tax and cutting electricity consumption during peak hours: 5% during peak hours and 10% overall within a month. The Twenty-seven will have discretion in deciding when and for how long the window with the cuts will last.
“EU member states have already invested billions of euros to assist vulnerable families. But we know that will not be enough. For this reason we propose a ceiling on the revenues of companies that are making extra profits”, calling into question both those that produce cheap electricity and the fossil fuel industry. “Our proposal will collect more than 140 billion euros for member states to cushion the blow directly”.
As regards the gas prices, von der Leyen said that we must continue to work to lower prices: "We must guarantee our security of supply and, at the same time, ensure our global competitiveness". Furthermore, the Commission is about to present "a package of aid for SMEs which will include a proposal for a single set of tax rules for doing business in Europe (Befit)", said the president, also announcing the revision of the "directive on delays in payment". The reason? “It's simply not fair that 1 in 4 bankruptcies are due to invoices not paid on time” adding that “for millions of family businesses, this will be a lifeline in troubled waters”.
“These are all emergency and temporary measures that we are working on, including our price cap discussions,” he concluded.
Von der Leyen: "We will create the European hydrogen bank"
“Today I can announce that we will create a new European Hydrogen Bank. It will help secure the purchase of hydrogen, in particular by using resources from the Innovation Fund. It will be able to invest 3 billion euros to help build the future hydrogen market”. Thus the president of the European Commission recalled that hydrogen can be a turning point for Europe: “We must move our hydrogen economy from the niche to the large scale by 2030 of producing ten million tons of renewable hydrogen in the EU, every year”.
