Governments across Europe scramble as gas and electricity prices soar across the board
Byrne/pa Energy Bills States Measures Being On Europe Taken Across Among Picture: Peter The Are By Caps
As Governments across Europe scramble to help ease the pain for households as sky-rocketing gas prices send utility bills sharply higher, there are fears of worse to come this winter.
Irish businesses and consumers are paying close attention to the measures being taken in other countries across Europe to help shield them from the effects of surging prices. Here are some of them, in alphabetical order.
Britain's new energy price cap will be announced on August 26. Forecasting group Cornwall Insight estimates that average British annual bills for gas and electricity will jump to £3,582 (€4,255) in October, and £4,266 in January.
The British government is facing growing calls to provide more support to households struggling with energy bills. More than 8 million low-income households receiving state benefits are also being given a further one-off £650 payment.
Bulgaria has introduced a discount for petrol, diesel, and liquefied petroleum gas and methane from July until the end of the year for households, and has scrapped excise duties on natural gas, electricity, and methane.
In June, Danish lawmakers agreed a cash payment to the elderly, and other measures, totalling 3.1bn Danish crowns (€415m). Danish legislators had previously agreed on subsidies worth $288m to be paid to some 419,000 households.
France has committed to capping an increase in regulated electricity costs at 4%, and has ordered utility giant EDF to sell more cheap nuclear power to rivals. The total package is running at €26bn, Finance Minister Bruno Le Maire said.
German workers and families will receive extra cash, cheaper petrol, and cut-price public transport tickets, and workers will receive a one-off energy price allowance of €300.
Families will receive a one-time bonus of €100 per child, which doubles for those on low incomes. Over the next few years, some €13bn a year will be allocated to subsidise renovations to old buildings.
However, German households will have to pay almost €500 more a year for gas to cover the cost of replacing Russian supplies.
Greece has spent about €7bn on power subsidies and other measures since September.
Hungary has capped retail fuel prices at 480 forints (€1.18) per litre since November, well below current market prices.
Italy in early August approved a €17bn aid package to help shield firms and families. That comes on top of some €35bn budgeted since January.
A cut in excise duties on fuel at the pump scheduled to expire next week is set to be extended to September 20.
Rome may also stop energy companies from making unilateral changes to electricity and gas supply contracts.
Norway has been subsidising household electricity bills since December, and currently covers 80% of the portion of power bills above a certain rate.
Poland has announced tax cuts on energy, petrol and basic food items, as well as cash payments for households.
It has also extended regulated gas prices for households, schools, and hospitals until 2027. The Polish government in July agreed a one-off payment of 3,000 zlotys (€640) to households for coal.
It has said the total cost of curbing energy prices will reach around 50 billion zlotys.
Romania's coalition government has capped gas and electricity bills for households and other users until March 2023, at a cost of around 14.5bn lei (€3.2bn), but analysts now expect it to exceed €10bn.
Spain has started to subsidise fossil fuel plants' power costs until May next year.
It has also cut taxes to reduce consumer bills, and announced €16bn in direct aid and soft loans to help companies and households.
Sweden has set aside 6bn Swedish crowns ($595m) to compensate households worst hit by the surge in electricity prices.
- Reuters