EU energy ministers agree emergency measures to costs for consumers

A reduction target of 10% of gross electricity consumption, and a mandatory reduction of 5% during peak hours will be implemented.

EU energy ministers have agreed initial emergency measures aimed at reducing electricity costs for consumers, although they fell short of an agreement on a price cap for wholesale gas coming into the EU.

The plans include a reduction in energy consumption during peak hours in order to reduce the price of gas, and redirecting excess revenues from non-gas energy providers towards struggling citizens and small and medium enterprises (SMEs).