Our friends in the Baltics have worked hard to end their dependency on Russia. They have invested in renewable energy, in LNG terminals, and in interconnectors. This costs a lot. But dependency on Russian fossil fuels comes at a much higher price.
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We have to get rid of this dependency all over Europe.
Therefore we agreed on joint storage. We are at 84% now: we are overshooting our target.
But unfortunately that will not be enough.
We have diversified away from Russia to reliable suppliers. US, Norway, Algeria and others.
Last year, Russian gas accounted for 40% of our gas imports. Today it's down to 9% pipeline gas.
But Russia keeps on actively manipulating our energy market. They prefer to flare the gas than to deliver it. This market is not functioning anymore.
In addition the climate crisis is heavily weighing on our bills. Heat waves have boosted electricity demand. Droughts shut down hydro and nuclear plants.
As a result, gas prices have risen by more than 10 times compared to before the pandemic.
Making ends meet is becoming a source of anxiety for millions of businesses and households.
But Europeans are also coping courageously with this.
Workers in ceramics factories in central Italy, have decided to move their shifts to early morning, to benefit from lower energy prices.
Just imagine the parents among them, having to leave home early, when the kids are still sleeping, because of a war they haven't chosen.
This is one example in a million of Europeans adapting to this new reality.
I want our Union to take example from its people. Reducing demand during peak hours will make supply last longer, and it will bring prices down.
This is why we are putting forward measures for Member States to reduce their overall electricity consumption.
But more targeted supported is needed.
For industries, like glass makers who have to turn off their ovens. Or for single parents facing one daunting bill after another.
Millions of Europeans need support.
EU Member States have already invested billions of euros to assist vulnerable households.
But we know this will not be enough.
This is why we are proposing a cap on the revenues of companies that produce electricity at a low cost.
These companies are making revenues they never accounted for, they never even dreamt of.
In our social market economy, profits are good.
But in these times it is wrong to receive extraordinary record profits benefitting from war and on the back of consumers.
In these times, profits must be shared and channelled to those who need it the most.
Our proposal will raise more than 140 billion euros for Member States to cushion the blow directly.
