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(Recast with the Minister of Energy, television)
By Gabriela Baczynska
BRUSSELS, Sept 8 (Reuters) – European consumers want a cap on wholesale fuel costs than a “political” cap on Russian imports, Belgian Energy Minister Tinne Van der Straeten told Reuters on Thursday.
Speaking on Friday ahead of emergency European Union talks to cut energy prices, Van der Straeten said Belgium was seeking a dynamic EU-wide price cap for exchange-traded fuel connected to Asian markets to secure supply.
The value cap for imports of Russian pipelines, proposed by the EU executive ahead of ministerial talks on Friday, has won a joint reception among the bloc’s 27 countries.
Electricity costs in Europe have risen sharply since economies began to emerge from the COVID-19 crisis last year, with Russia cutting off fuel materials in retaliation for Western sanctions imposed following Moscow’s invasion of Ukraine.
“Our goal is, above all, to reduce costs. A cap on Russian fuel will not reduce costs,” Van der Straeten said. “A cap on Russian fuel is purely political. “
“Not much Russian fuel comes into Europe, so I don’t see the additional price of that,” the Belgian environmentalist said, adding that Spain, Poland and Luxembourg were in favor of a cap, while Germany had reservations.
“We have to interfere in the position pointarray of the wholesale market. . . so that it can have an effect on energy bills,” he said, adding that the cap should be heavily monitored and have a backup mechanism in place when global LNG costs exceed those of the EU. . roof.
The Netherlands, opposed to market intervention, supported the narrower option reserved for Russia.
Van der Straeten said energy ministers give transparent guidance to the European Commission to act to reduce energy prices, and that the cap could take effect in a few days.
“Surely we intend to implement this before winter heating begins,” he said, adding that the cost-cutting measure is expected to take effect in October.
She said joint eu fuel purchases will be complex and that the bloc will reform energy market costs that would separate electricity produced from fuel from non-fossil resources such as nuclear or renewables.
For the time being, it is appropriate to exploit the providential profits made through electricity corporations, as proposed by the Commission, as it would give EU countries direct cash to those suffering with the highest energy bills. (Reporting by Gabriela Baczynska; editing by Carmel Crimmins and Alejandro Smith)