'Solidarity' only solution to EU energy crisis: Scholz

Economy

Published: 2022-10-27 16:22

Last Updated: 2024-04-19 10:21


'Solidarity' only solution to EU energy crisis: Scholz
'Solidarity' only solution to EU energy crisis: Scholz

German Chancellor Olaf Scholz on Thursday said the thorny dispute over EU energy prices can only be resolved “on the basis of solidarity,” AFP reported.

The objective should be to "lower prices", Scholz said during a visit to Athens, with Berlin opposed to a price cap on gas.

Berlin's move to spend up to 200 billion euros ($200 billion) subsidizing soaring gas prices and refusal to consider an EU-wide energy price cap has nettled Paris and other European capitals, who fear the effect on their energy costs.

The disagreement has hobbled efforts by EU energy ministers this week to regulate the cost of energy generation in the bloc.

The issue is a pressing one as the European Union grapples with sky-high inflation fed by soaring energy prices severely aggravated by Russia's military operation in Ukraine.

EU leaders agreed last week on a broad roadmap to bring down energy prices, leaving it to the European Commission and ministers to work out detailed proposals acceptable to all.

But the diverse range of energy sources in the 27 countries -- including coal, gas, wind, hydro and nuclear -- makes a one-size-fits-all policy difficult.