The Italian AGI newswire has seen an advanced copy of a report which the EU Commission will publish on May 18, on emergency plans in case of a Russian gas embargo. The plan, called RepowerEU, includes energy rationing, “solidarity among targeted countries,” prices cap and anti-speculative measures.
The shocking thing is that as first measure against a gas embargo, the EU relies on “solidarity” among members: “On the basis of the solidarity principle, a reduction of gas demand in less hit member countries should be considered to the advantage of more hit member states, including in case such rationing is not implemented on the basis of the national emergency plan.” In other words, a sharing of austerity among EU member states. Let’s all freeze for freedom! Good Luck!
If that is not enough, a price cap on the European energy exchanges could be considered, the report says. This, however, should be carefully evaluated as it has advantages but also “challenges,” i.e. It interferes in the demand-supply mechanism etc.
