Europe is facing massive increases in energy bills. Driven by rocketing gas prices as the Ukraine conflict and European sanctions on Russia heighten concerns over gas supplies.
Meanwhile, inflation has jumped to a new all-time high of 8.9 per cent in July in Europe for the 19 countries bound by the euro, fueled by rising energy costs.
Here are some of the policies Britain and European Union member states have announced to help shield consumers.
United Kingdom
Britain has a price cap on the most widely used household energy contracts. However, energy bills will jump 80% to an average of 3,549 pounds ($4,188) a year from October, regulator Ofgem said. Calling it a “crisis” that needed to be tackled by urgent and decisive government intervention.
Forecasters expect bills to be just below 6,000 pounds through next year. Since the cap is raised further, meaning households could be paying nearly 500 pounds a month for gas and electricity. Which is considered a higher sum than rent or mortgage for many.
In May, the Conservative government set out a 15-billion- pound support package to help households. Every household will receive a 400-pound credit on their energy bills from October.
More than 8 million low-income households receiving state benefits are also being given a further one-off 650-pounds. As well as additional help for pensioners and disabled people.
Greece
Greece has spent about 8 billion euros on power subsidies and other measures since September 2021. It will double subsidies for power bills next month to 1.9 billion euros, extending financial support introduced last year to shield consumers from surging energy prices.
The subsidies will absorb up to 94% of the rise in monthly power bills for households and 89% of the rise for small and medium-sized firms.
Greece has imposed a cap on payments to power producers to reflect their real production costs, effectively scrapping a surcharge on electricity bills.
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Italy
In early August, Italy approved a 17-billion-euro aid package to help shield firms and families from galloping energy costs and rising consumer prices. That comes on top of some 35 billion euros budgeted since January to soften the impact of sky-high electricity, gas and petrol costs.
Italy is also considering preventing energy companies from making unilateral changes to electricity and gas supply contracts until April 2023, according to draft measures approved by the government in early August.
Norway
Norway has been subsidizing household electricity bills since December and now covers 80% of the portion of power bills above a certain rate. This will be increased to 90% from September, with the scheme to remain in place until at least March 2023.
France
France has committed to capping an increase in regulated electricity costs at 4%. To help do this the government has ordered utility EDF. Which is 80% state-owned, to sell more cheap nuclear power to rivals. French energy regulator CRE said last month it was proposing a 3.89% increase in regulated electricity sales tariffs.
Poland
Poland has announced tax cuts on energy, petrol and basic food items, as well as cash handouts for households. It has also extended regulated gas prices for households and institutions like schools and hospitals until 2027.
The government July agreed to a one-off payment of 3,000 zlotys ($648) to households to help cover the rising cost of coal. Prime Minister Mateusz Morawiecki has said the total cost of curbing energy prices in Poland will reach around 50 billion zlotych.
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Spain
Spain has begun to temporarily subsidise fossil fuel plants’ power costs in a bid to bring down high prices in the short term. The system is due to be in place until May 31, 2023.
It has also cut taxes to reduce consumer bills and announced 16 billion euros in direct aid and soft loans to help companies and households whether energy prices.
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