Prime Ministers Babiš and Meloni to present plan to reduce electricity prices — RMF24

Czech Prime Minister Andrej Babiš and Italian Prime Minister Giorgia Meloni are to present a joint initiative to reduce electricity prices in the European Union. It is planned to be discussed at the EU summit in Brussels, Belgium, where rising energy costs will be one of the main topics, RMF24 reports.

Criticism of the ETS system

The proposals of the Czech Republic and Italy focus on the EU Emissions Trading System (ETS). Babiš considers it the main cause of the current situation with high electricity prices. According to him, the European Commission's forecasts did not come true, and the consequences proved catastrophic.

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The Czech prime minister recalled that in September 2021 he called for reducing the cost of a tonne of CO2 emissions from €52 to €30. It currently stands at nearly €89. Babiš also said that speculators operate on the ETS market, who are not obliged to settle emissions and use emission allowances solely for commercial transactions. In his view, this artificially drives up prices and harms European industry.

Support from other countries

Meloni has also criticised the ETS. In her view, this system raises energy prices, deepens inequality among EU member states and negatively affects businesses. The joint document of the Czech Republic and Italy has already been supported by other countries that are also feeling the effects of high energy prices.