EU energy ministers approved a package of emergency measures aimed at tackling the soaring cost of electricity during an extraordinary Energy Council meeting on Friday.
The measures include mandatory reductions in electricity consumption, a cap on excess market revenues, and subsidies for households.
The package will also see the introduction of a temporary 'solidarity contribution', imposed on companies that generate at least 75 percent of their turnover from fossil fuels.
Due to Russia's invasion of Ukraine and the ensuing energy crisis, the profits of companies producing and refining fossil energy have significantly increased. The solidarity contribution seeks to redirect these profits back to consumers.
Speaking to the media after the meeting, Finland's Energy Minister Mika Lintilä (Cen) said the agreement's effects in Finland would be minor.
He said the most significant way to influence the price of energy is to reduce consumption.
Lintilä said the feeling at the meeting was one of unity, even though some member countries have different perspectives and approaches.
One of those differences in opinion was regarding capping liquified natural gas (LNG) prices, and no agreement on that topic was reached — despite the fact that 15 countries were in favour of limiting gas prices.
In general, the Finnish minister characterised the situation as very serious.
"The current situation is about to surpass the difficulty seen during the Covid pandemic," he said.