17 Sep 2022; MEMO: President of the European Council Charles Michel announced on Friday that the European Union (EU) should negotiate energy issues with Qatar, the United Arab Emirates (UAE), Saudi Arabia and Algeria, Al Khaleej Online reported.
The EU executive has proposed raising more than €140 billion ($139.4 billion) to shield consumers from soaring energy prices by skimming off revenues from low-cost electricity generators and making fossil fuel firms share windfall profits.
"It's good proposals, but more will be needed," Michel told reporters, referring to the EU's plans to bring down energy prices for European citizens and businesses.
"On prices, there is a proposal on the table… it is good but is it enough? I don't think so, I think it's important to accelerate in terms of the electricity market," he shared, highlighting the need to rework pricing mechanisms.
The EU countries used to depend primarily on Russian gas; however, since the start of the Russian war in Ukraine on 24 February, EU countries have begun to court Gulf States over the energy issue.
Russian gas supplies to Europe declined due to the former's war and human rights violations in Ukraine.
