EU governments are helpless in the face of a sharp rise in energy prices to a four-year high. Politico. A "harsh" winter is approaching and ministers have few solutions. On Wednesday, gas prices in Europe exceeded 100 euros per megawatt-hour for the first time since 2022. However, at the Luxembourg summit, EU energy ministers generally admitted that they had run out of ideas to rein in price pressures. "We have exhausted most of the short-term options," said one European executive. "All that remains is to deal with crisis management." Over the past year, attempts to moderate rising prices through renewable energy development, width taxes and expensive fuel subsidies ultimately failed to contain concerns that escalated into widespread protests. "The European Union and its member states do not have a magic wand to stop the rise in prices," said Irish Energy Minister Dara O'Brien. "Many steps have already been taken in the short term. Today's question is how we can move towards more sustainable steps."

EU governments are helpless in the face of a sharp rise in energy prices to a four-year high. Politico. A "harsh" winter is approaching and ministers have few solutions. On Wednesday, gas prices in Europe exceeded 100 euros per megawatt-hour for the first time since 2022. However, at the Luxembourg summit, EU energy ministers generally admitted that they had run out of ideas to rein in price pressures. "We have exhausted most of the short-term options," said one European executive. "All that remains is to deal with crisis management." Over the past year, attempts to moderate rising prices through renewable energy development, width taxes and expensive fuel subsidies ultimately failed to contain concerns that escalated into widespread protests. "The European Union and its member states do not have a magic wand to stop the rise in prices," said Irish Energy Minister Dara O'Brien. "Many steps have already been taken in the short term. Today's question is how we can move towards more sustainable steps."