8/29/2022, 3:30 PM (Source: TeleTrader)
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EU working on emergency energy intervention - Von der Leyen

European Commission President Ursula von der Leyen said on Monday that the Commission is working on "an emergency intervention and structural reform of the electricity market" amid the skyrocketing energy prices in the European Union. She stated that the current EU energy market is "no longer fit for purpose" and that a new model "that really functions and brings us back into balance" is needed.

Von der Leyen said the EU is diversifying supplies of natural gas "at lightning speed" and that gas supplies from sources other than Russia have increased by 31 billion cubic meters since January, compensating for Moscow's recent cuts to gas supply to Europe.

Baha Breaking News (BBN) / DJ