To ensure security of supply, the current Gas Security of Supply Regulation is sufficient as it intervenes as little as possible in the open, liquid, well-connected and transparent EU gas market, they argue.Д®nergy-intensive companies in recent days have increasingly voiced concerns that the price hike could seriously hamper their business, calling on the government to provide assistance. The BDEW is critical of plans to achieve price stabilisation via a strategic gas storage reserve, however. The expansion of renewable energies and innovation in energy production would have a price-dampening effect, the VDI conceded, but only in the long term.Д®nergy and utility organisation BDEW welcomed that the European Commission had refrained from hasty interventions in the European electricity and gas market, because that would вЂњinevitably make energy supply more expensive and run the risk of seriously worsening the climate for urgently needed investments.вЂќ вЂњWe share the Commission's analysis that the price increases are largely caused by the worldwide economic recovery and the resulting strong global demand for energy - neither the European Green Deal nor a market failure are the cause of the current situation,вЂќ BDEW head Kerstin Andreae said in a press release. Lowering energy taxes was a good idea but it would become a zero-sum game if other measures, such as new state aid guidelines for environment, climate and energy and the new energy tax directive, lead to higher electricity prices.

вЂњGerman industry is currently experiencing an unprecedented price shock for gas and electricity,вЂќ Wolfgang GroГџe Entrup, managing director of chemical industry association VCI, said. The German chemical industry says the European CommissionвЂ™s proposals to fight the energy price crisis in Europe may be sufficient to fight energy poverty but are not likely to help energy-intensive companies through the crunch.

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