European Leaders Urge Action to Slash Electricity Prices

The prime ministers of Austria, the Czech Republic, and Slovakia are urging the European Union to cut electricity prices to maintain industrial competitiveness. Ahead of an EU summit, they emphasize the need for policy adjustments in energy pricing, particularly concerning carbon allowance costs under the Emissions Trading Scheme.

European leaders from Austria, the Czech Republic, and Slovakia have made a strong call to the European Union, urging immediate action to reduce electricity costs in order to preserve the competitiveness of their industries.

Meeting ahead of an upcoming summit, the leaders stressed the necessity for policy adaptations, focusing on reducing energy prices, specifically targeting carbon costs related to the Emissions Trading Scheme. Slovak Prime Minister Robert Fico highlighted the critical need for a decisive commitment towards this initiative.

Czech Prime Minister Andrej Babis and Austrian Chancellor Christian Stocker backed these sentiments, addressing the impact of natural gas prices on power costs. They also advocated for delaying the implementation of the ETS2 scheme, which could extend cost burdens to households.