EU member states should step in and subsidise energy to keep power affordable for consumers despite skyrocketing prices, MEP Alfred Sant told his peers this week.

Oil and gas prices are soaring, leaving a direct impact on citizens and business owners across the continent, driving prices of other goods and services up and leading to concerns about rising inflation.

To limit its exposure to rising prices, Enemalta has limited electricity purchases from the European grid, through the undersea interconnector, in recent weeks.

Speaking during a European Parliament debate this week, Sant argued that governments should address the situation in the short term by offering subsidies or other forms of state aid to dampen price pressures.

Germany, the EU’s largest member state, did just that this week, announcing that it would be slashing a levy that is charged on electricity consumption.

Joint procurement?

The main thrust of the MEPs plenary debate was to suggest new affordable and sustainable measures to mitigate the negative effect brought about by the sharp spike in energy prices on households and businesses, including energy efficiency and renewable energy and measures to combat energy poverty.

Sant told fellow MEPs that the EU should also consider adopting its joint procurement mechanism to acquire energy at the best prices. The EU has successfully used joint procurement to purchase personal protective equipment and COVID-19 vaccines during the pandemic.

In the longer run, Sant argued, the EU’s future had to lie in achieving energy autonomy, allowing member states to generate their own power without being at the mercy of external sellers.

On this account, he urged all European Member states to put more effort in generating their own renewable energy sources and improve conservation by upgrading energy efficiency.