EU summit plans to introduce a package of measures to lower electricity prices, aiming to defend European industrial competitiveness

Golden Ten Data reported on March 4 that, according to foreign media, EU leaders will instruct their executive body at the summit later this month to propose measures to reduce electricity prices in order to support local industry. The draft statement for the Brussels summit shows that heads of government will ask the European Commission to review all components of wholesale and retail electricity prices. Persistently high electricity prices have become a top priority on the EU political agenda, with heavy industry blaming them for factory closures and pointing out their disadvantage in competing with the United States, where energy costs are lower. Concerns have been further heightened as the war between Israel and Iran has caused oil and gas prices to soar. In addition, leaders will demand that the upcoming review of the EU carbon market must both reduce volatility and its impact on electricity prices, while preserving the "core role" of the plan in stimulating clean investment. The European Commission plans to propose amendments to the carbon emissions trading law in the third quarter of this year. The EU emissions trading system is facing increasing criticism from energy-intensive businesses, with some member states believing it has raised energy costs.