High energy prices put EU economies under pressure

High energy prices have once again moved to the forefront of the
European Union’s economic and social agenda. The EU energy
commissioner has called on member states to consider additional
measures to address the situation, including options for reducing
energy demand.

Bulgaria’s BTA news agency reported that the European
commissioner described the current situation as an "energy price
crisis." The warning comes as rising fuel and energy prices are
pushing up costs for households and industrial companies across
Europe.

The increase in energy prices is prompting a number of European
countries to reconsider measures such as cutting consumption,
introducing support schemes for industry, and providing tax relief
and compensation. Higher electricity and gas costs are particularly
putting the competitiveness of energy-intensive industries under
pressure.

At the same time, European countries are working to diversify
energy supplies, expand renewable energy capacity, replenish gas
storage facilities and increase cross-border interconnector
capacity.

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