European Commission President Ursula von der Leyen said on Wednesday that Europe’s electricity market needed deep reforms as she unveiled emergency temporary measures to tackle energy costs and soaring inflation, including raising more than $140 billion from energy companies for struggling member states.
The current electricity market “is not fit for purpose any more,” Ms von der Leyen told legislators in Strasburg, during her much-anticipated State of the Union address. “It is not just for consumers any more.”
The European Commission is proposing a cap on companies that make electricity from renewables, such as wind and solar, due to the EU’s system of pricing which allows for all electricity producers to be paid the same price for the power they are selling. The consequence of that system is that prices most often match those of gas, which have soared since Russia's invasion of Ukraine.
Czech Minister for European Affairs Mikulas Bek said on Tuesday that natural gas prices had reached a new high of €340 per megawatt hour in August, compared to €40 a year ago.
The EU commission is also requesting that fossil fuel electricity producers contribute to alleviating the crisis. “They have to pay a fair share — they have to give a crisis contribution”, said Ms von der Leyen.
Her proposal aims to “raise more than €140 billion for member states to cushion the blow directly.”
No gas price caps
“Don’t get me wrong,” the EU Commission chief said. “In our social market economy profits are OK, they are good. But in these times it is wrong to receive extraordinary record revenue benefiting from war on the back of our consumers. In these times, profits must be shared and channelled to those who need it most.”
Ms von der Leyen said that the influence of gas on the price of electricity should end. “That’s why we will do a deep and comprehensive reform of the electricity market.”
The EU Commission President had to shelve a proposal on capping Russian gas prices completely following reported opposition from some European countries, who fear that Russia will completely stop exporting the little gas it is still sending to the EU.
Some countries have also called for a global cap on gas prices, not just on Russia’s.
“We need to keep working on lower gas prices. So, on one hand, we have to ensure the security of supply. On the other hand, we have to ensure global competitiveness,” said Ms von der Leyen.
The EU commission will develop with member states a “set of measures to take into account the specific nature of [its] relationship with suppliers, ranging from unreliable suppliers such as Russia, to reliable friends such as our Norwegian friends for example.”
She said that she had agreed with Norwegian Prime Minister Jonas Gahr Store to set up a task force to examine lowering gas prices in a “reasonable manner”.
The EU’s efforts to diversify its gas sources since February contributed to Russian gas imports to plummet from 40 per cent of the continent’s gas imports last year to 9 per cent today.
Ms von der Leyen highlighted the EU’s need to wean itself away from fossil fuels and announced the creation of a European Hydrogen Bank that aims to invest €3 billion to build the future hydrogen market.
She admitted to past mistakes. “In the 1970s, the world faced another fossil fuel crisis”, she said. “We did not get rid of our dependency on oil. And worse, fossil fuels were even massively subsidised. This was wrong, not just for the climate, but also for our public finances, and our independence. And we are still paying for this today.”
'Unshakeable' solidarity
Ms von der Leyen started her speech by addressing the situation in war-torn Ukraine, speaking at times directly to the wife of Ukraine’s President Volodymyr Zelenskyy, Olena Zelenska, who was guest of honour.
“Europe’s solidarity with Ukraine will remain unshakeable,” said Ms von der Leyen, who is scheduled to travel to Kyiv later on Wednesday to discuss Ukraine’s access to Europe’s single market.
“Never before has this parliament debated the state of our union with war raging on European soil,” she added.
So far, the EU has provided over €19bn in financial assistance to Ukraine, excluding military support, and imposed punitive sanctions on the Russian economy.
Ms von der Leyen announced a further €100m to support the rebuilding of Ukrainian schools destroyed in the war.
MATCH INFO
Uefa Champions League, last 16, first leg
Tottenham Hotspur v Borussia Dortmund, midnight (Thursday), BeIN Sports
War 2
Director: Ayan Mukerji
Stars: Hrithik Roshan, NTR, Kiara Advani, Ashutosh Rana
Rating: 2/5
Cricket World Cup League Two
Teams
Oman, UAE, Namibia
Al Amerat, Muscat
Results
Oman beat UAE by five wickets
UAE beat Namibia by eight runs
Namibia beat Oman by 52 runs
UAE beat Namibia by eight wickets
Fixtures
Saturday January 11 - UAE v Oman
Sunday January 12 – Oman v Namibia
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Jetour T1 specs
Engine: 2-litre turbocharged
Power: 254hp
Torque: 390Nm
Price: From Dh126,000
Available: Now
Specs
Engine: Electric motor generating 54.2kWh (Cooper SE and Aceman SE), 64.6kW (Countryman All4 SE)
Power: 218hp (Cooper and Aceman), 313hp (Countryman)
Torque: 330Nm (Cooper and Aceman), 494Nm (Countryman)
On sale: Now
Price: From Dh158,000 (Cooper), Dh168,000 (Aceman), Dh190,000 (Countryman)
The specs
Engine: 6.2-litre V8
Transmission: seven-speed auto
Power: 420 bhp
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In numbers: China in Dubai
The number of Chinese people living in Dubai: An estimated 200,000
Number of Chinese people in International City: Almost 50,000
Daily visitors to Dragon Mart in 2018/19: 120,000
Daily visitors to Dragon Mart in 2010: 20,000
Percentage increase in visitors in eight years: 500 per cent
The five pillars of Islam
The five pillars of Islam
1. Fasting
2. Prayer
3. Hajj
4. Shahada
5. Zakat
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Labour dispute
The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
- Abdullah Ishnaneh, Partner, BSA Law
Dhadak 2
Director: Shazia Iqbal
Starring: Siddhant Chaturvedi, Triptii Dimri
Rating: 1/5
MATCH INFO
South Africa 66 (Tries: De Allende, Nkosi, Reinach (3), Gelant, Steyn, Brits, Willemse; Cons: Jantjies 8)
Canada 7 (Tries: Heaton; Cons: Nelson)
The chef's advice
Troy Payne, head chef at Abu Dhabi’s newest healthy eatery Sanderson’s in Al Seef Resort & Spa, says singles need to change their mindset about how they approach the supermarket.
“They feel like they can’t buy one cucumber,” he says. “But I can walk into a shop – I feed two people at home – and I’ll walk into a shop and I buy one cucumber, I’ll buy one onion.”
Mr Payne asks for the sticker to be placed directly on each item, rather than face the temptation of filling one of the two-kilogram capacity plastic bags on offer.
The chef also advises singletons not get too hung up on “organic”, particularly high-priced varieties that have been flown in from far-flung locales. Local produce is often grown sustainably, and far cheaper, he says.
Tips for job-seekers
- Do not submit your application through the Easy Apply button on LinkedIn. Employers receive between 600 and 800 replies for each job advert on the platform. If you are the right fit for a job, connect to a relevant person in the company on LinkedIn and send them a direct message.
- Make sure you are an exact fit for the job advertised. If you are an HR manager with five years’ experience in retail and the job requires a similar candidate with five years’ experience in consumer, you should apply. But if you have no experience in HR, do not apply for the job.
David Mackenzie, founder of recruitment agency Mackenzie Jones Middle East
UAE currency: the story behind the money in your pockets
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
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The Bloomberg Billionaire Index in full
1 Jeff Bezos $140 billion
2 Bill Gates $98.3 billion
3 Bernard Arnault $83.1 billion
4 Warren Buffett $83 billion
5 Amancio Ortega $67.9 billion
6 Mark Zuckerberg $67.3 billion
7 Larry Page $56.8 billion
8 Larry Ellison $56.1 billion
9 Sergey Brin $55.2 billion
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Results
2pm: Handicap Dh 90,000 1,800m; Winner: Majestic Thunder, Tadhg O’Shea (jockey), Satish Seemar (trainer).
2.30pm: Handicap Dh120,000 1,950m; Winner: Just A Penny, Sam Hitchcott, Doug Watson.
3pm: Handicap Dh105,000 1,600m; Winner: Native Appeal, Pat Dobbs, Doug Watson.
3.30pm: Jebel Ali Classic Conditions Dh300,000 1,400m; Winner: Thegreatcollection, Adrie de Vries, Doug Watson.
4pm: Maiden Dh75,000 1,600m; Winner: Oktalgano, Xavier Ziani, Salem bin Ghadayer.
4.30pm: Conditions Dh250,000 1,400m; Winner: Madame Ellingtina, Richard Mullen, Satish Seemar.
5pm: Maiden Dh75,000 1,600m; Winner: Mystery Land, Fabrice Veron, Helal Al Alawi.
5.30pm: Handicap Dh85,000 1,000m; Winner: Shanaghai City, Jesus Rosales, Rashed Bouresly.
