According to the President of the European Council, Saudi Arabia wants the EU to embrace long-term contracts in green hydrogen investment potential.
According to Charles Michel, as the EU looks to address the energy situation, the Kingdom has proposed to have the bloc assist in its efforts to generate green hydrogen. He said that the UAE has suggested investing in its renewable energy initiatives.
They want to know if we are willing to accept long-term contracts, according to Michel.
In order to ensure that people can pay their energy costs, he urged the EU to go above and beyond its present efforts to address the energy problem.
Regarding the EU’s efforts to lower energy prices for its residents and companies, Michel told reporters, “It’s nice initiatives, but more will be needed.”
“On pricing, a suggestion is on the table; it’s nice, but is it sufficient? I don’t believe so, I believe that the electrical market has to speed, he added, underlining the necessity of reworking pricing structures.
The EU executive has suggested generating more than €140 billion ($139.4 billion) by skimming off earnings from inexpensive power generators and forcing fossil fuel companies to share windfall gains in order to protect consumers from skyrocketing energy bills.
Before the national leaders of the 27 EU member nations gather to consider the suggestions a week later, EU energy ministers will discuss them on September 30.
The EU has to expand supply while reducing use of energy, according to Michel, who leads meetings of the 27 national leaders of the EU. Michel recently discussed this issue with Algeria, Qatar, Saudi Arabia, and the United Arab Emirates.
While he did not sign any agreements, he stated that increasing energy supplies from Algeria to Spain, EU investment in improving gas linkages between Algeria and Italy, as well as an electrical cable, were all possible examples of expanded collaboration.
Michel said that while in Qatar, he talked about temporarily rerouting some LNG supplies intended for Asia to Europe.