To discuss the EU gas supply problem and electricity prices

European energy ministers are holding a special meeting in Luxembourg to discuss how to overcome the current gas supply crisis and the impact on electricity prices.

Ireland joins most of the other eight Nordic countries, rejecting calls for a single energy market or a comprehensive European gas reserves.

High energy prices are hurting consumers and businesses across the continent.

There are many reasons for this. As economies emerge from the epidemic, demand for China’s gas reserves has risen, and storage facilities have not filled as much as usual last summer.

All this means a shortage of supply and an increase in prices.

Due to the way the energy market operates, gas supply generally lowers the price of electricity, and such electricity prices have also increased.

Gas supply is also linked to geopolitics.

Russia could have increased supply but chose to put pressure on Berlin to approve a new gas pipeline between Russia and Germany.

Some countries, such as Spain, have called on Europe to create a system for cocaine production.

Ireland believes this needs to be a big storage expansion and could be a problem because it could signal mass legal changes.

The government would prefer Europe to accelerate renewable energy and save energy, and the European Commission to report on the European energy market.

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