The European Union on Wednesday urged member countries to provide relief funds to consumers and small businesses hit hardest by rising gas and electricity prices, as criticism mounts that the bloc’s climate change fighting policies are fuelling the problem.
In recent days, France and Spain have led the charge for change to the rules governing EU energy markets as the price surge ramps up already-high utility bills and increases pressure on many people already hit hard by the coronavirus pandemic.
Energy prices in Spain have reached all-time highs since the summer. The cost of electricity is set to climb Thursday to 288 euros (USD 332) per megawatt hour (MWh), a 26 per cent rise over Wednesday’s price.
