“EU and the Energy Measures…”

European Union leaders meeting at the end of this week, will explore a range of options for gas price caps, over which they have been divided for weeks.

EU to propose extra energy measures, swerve immediate gas price cap

The European Commission is set to propose another set of emergency measures to tackle high energy prices, but draft proposals suggest they will not include an immediate cap on gas prices as EU countries remain split over the idea.

The package is the European Union’s latest effort to address the spike in energy prices and fuel supply crunch that have gripped Europe, after Russia cut gas flows since invading Ukraine.

The Commission will on Tuesday propose that the EU could, as a “last resort”, set a temporary “maximum dynamic price” on gas trades at the Title Transfer Facility (TTF) Dutch gas hub, which serves as a benchmark price for European gas trading.

Other EU gas trading hubs would be linked to this price through a “dynamic price corridor”, according to the draft document, which could change before it is published. The measure must not affect EU security of gas supply, cause an increase in gas use, will disrupt the functioning of gas markets, it said.

The move to curb TTF gas prices would require a separate proposal from Brussels and require approval from EU countries.

The EU package is unlikely to placate all 27 EU countries – whose leaders will discuss the proposals at a summit on Oct. 20-21. Most EU countries have urged the Commission to urgently propose a gas price cap but disagree on its design.

The Commission and countries including Germany and the Netherlands have warned that capping gas prices could backfire, if it left EU countries struggling to attract supply from global markets during a winter with scarce Russian fuel.

The EU package includes other measures aimed at lessening the impact of high prices on consumers and businesses.

to support that production, according to a Reuters analysis of public data and projections released by those

Liz Truss quits after six chaotic weeks as UK prime minister

Liz Truss quit on Thursday after the shortest, most chaotic tenure of any British prime minister, forced out after her economic programme shattered the country’s reputation for financial stability and left many people poorer.

The Conservative Party, which holds a big majority in parliament and need not call a nationwide election for another two years, will now elect a new leader by Oct. 28 – Britain’s fifth prime minister in six years.

That contest is likely to pit ex-finance minister Rishi Sunak against Penny Mordaunt, but could also see the return of Boris Johnson, who was ousted as prime minister in July when his ministers resigned en masse to force him out of office.

The sight of yet another unpopular prime minister making a resignation speech in Downing Street – and the start of a new leadership race – underscores just how volatile British politics has become since the 2016 vote to leave the European Union.

Speaking outside the door of her Number 10 office, Truss accepted that she had lost the faith of her party and would step down next week. The pound rallied as she spoke.

Automakers to double spending on EVs, batteries to $1.2 trillion by 2030

The world’s top automakers are planning to spend nearly $1.2 trillion through 2030 to develop and produce millions of electric vehicles, along with the batteries and raw materials to support that production, according to a Reuters analysis of public data and projections released by those companies.

Automakers have forecast plans to build 54 million battery electric vehicles in 2030, representing more than 50% of total vehicle production, according to the analysis.

To support that unprecedented level of EVs, carmakers and their battery partners are planning to install 5.8 terawatt-hours of battery production capacity by 2030, according to data from Benchmark Mineral Intelligence and the manufacturers.

Malta’s Finance Minister claims, that Malta’s economy still set to grow next year.

Malta’s economy will continue to grow despite global economic conditions, finance minister Clyde Caruana said on Monday.

Caruana explained that 37,000 households will benefit from a second cost of living adjustment mechanism which will target pensioners, people on social benefits and other vulnerable groups. Details of the mechanism will be revealed during the budget.

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