UK PM Liz Truss will once again face a substantial challenge, she will be flying to New York to attend the UNGA. After returning from the meet, the UK PM will announce a mini-budget.

Union strikes, energy crisis: A big challenge for UK PM Liz Truss?

The cost of living crisis has overshadowed all other concerns in Italy. There is a general realization among the people and leaders of Italy that the cost of living crisis stems from Russia's chokehold on gas supplies. However few people believe Italians are paying too high a price in the Ukraine war due to Western sanctions.

Gas lights up Italian election; Italy's right wing coalition divided over sanctions on Russia

President Vladimir Putin denied Russia had anything to do with Europe's energy crisis, saying that if the European Union wanted more gas it should lift sanctions preventing the opening of the Nord Stream 2 pipeline.

Putin to Europe: If you want gas then open Nord Stream 2

The European Union's executive has outlined plans to raise more than $140 billion from energy firms to help shield households and businesses from soaring prices that threaten economic downturn and insolvencies.

World Business Watch: EU seeks $140 billion from energy companies

The European Union has come up with a proposal to shield its consumers battling sky rocketing energy prices. The Block's Executives outline plans to raise more than $140 billion from energy firms. The money would help in protecting consumers from economic recession and insolvencies.

EU: Proposal to cap revenues from electricity generators, bid to raise $140 bn from energy firms

European countries are looking at alternative means of energy supply as global gas and oil prices continue to soar. With the winter nearing, France is looking at reopening coak-fired power stations.

WION Climate Tracker | France considers to reopen its coal-fired power station

Ursula von der Leyen, the head of the European Union (EU), has called for reductions in electricity consumption across the union and windfall taxes on energy companies to combat excessive prices.&nbsp;

She informed the European Parliament that following Russia's invasion of Ukraine, gas and energy prices had reached all-time highs. She demanded a minimum five per cent reduction in electricity use during peak hours.&nbsp;

However, proposals to control the cost of natural gas, a significant Russian export to the EU, were postponed.&nbsp;

The Strasbourg plan calls for skimming off low-carbon electricity companies' earnings and enacting a de facto windfall tax on the oil, gas, and coal industries in order to raise "excess revenues."

The estimated €140 billion (£121 billion; $141 billion) in funds would benefit individuals and companies in all 27 member nations of the European Union.&nbsp;

In the hopes of reaching a consensus by the end of this month, the EU's member states will carefully consider the ideas.&nbsp;

Leyen's who will be reach Ukraine on Wednesday on her second visit said,&nbsp;"Europe's solidarity with Ukraine will remain unshakeable."&nbsp;

Olena Zelensky, the wife of &nbsp;Volodymyr&nbsp;Zelensky, attended the address in the legislature as a special guest.

Making ends meet was "becoming a source of anxiety for millions of businesses and households," according to Ms. von der Leyen.&nbsp;

Also Read:&nbsp;<a href="https://www.wionews.com/science/juxtapose-dramatic-expansion-of-bahrain-by-building-land-on-sea-1987-vs-2022-515720">Before and after images show dramatic expansion of Bahrain by building land on sea: 1987 vs 2022</a>

She stated that it was unfair to benefit from the war and reap remarkable record profits in these troubled times.&nbsp;

Since June, Ukraine has been formally applying to join the EU. It recently launched a counteroffensive to push back Russian forces, and this month, it reportedly reclaimed thousands of square kilometers of terrain in the east and south.

Russia, a major provider of energy, and the EU, which imposed severe sanctions in response to the invasion, are engaged in a financial war.

(with inputs from agencies) 
&nbsp;

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Ursula von der Leyen, the head of the European Union (EU), has called for reductions in electricity consumption across the union and windfall taxes on energy companies to combat excessive prices.

Ursula von der Leyen, the head of the European Union (EU), has called for reductions in electricity consumption across the union and windfall taxes on energy companies to combat excessive prices. She informed the European Parliament that following Russia's invasion of Ukraine, gas and energy prices had reached all-time highs. She demanded a minimum five per cent reduction in electricity use during peak hours. However, proposals to control the cost of natural gas, a significant Russian export to the EU, were postponed. The Strasbourg plan calls for skimming off low-carbon electricity companies' earnings and enacting a de facto windfall tax on the oil, gas, and coal industries in order to raise "excess revenues." The estimated €140 billion (£121 billion; $141 billion) in funds would benefit individuals and companies in all 27 member nations of the European Union. In the hopes of reaching a consensus by the end of this month, the EU's member states will carefully consider the ideas. Leyen's who will be reach Ukraine on Wednesday on her second visit said, "Europe's solidarity with Ukraine will remain unshakeable." Olena Zelensky, the wife of Volodymyr Zelensky, attended the address in the legislature as a special guest. Making ends meet was "becoming a source of anxiety for millions of businesses and households," according to Ms. von der Leyen. Also Read: Before and after images show dramatic expansion of Bahrain by building land on sea: 1987 vs 2022 She stated that it was unfair to benefit from the war and reap remarkable record profits in these troubled times. Since June, Ukraine has been formally applying to join the EU. It recently launched a counteroffensive to push back Russian forces, and this month, it reportedly reclaimed thousands of square kilometers of terrain in the east and south. Russia, a major provider of energy, and the EU, which imposed severe sanctions in response to the invasion, are engaged in a financial war. (with inputs from agencies)

EU chief calls for curbing electricity use, windfall taxes on energy firms to tackle high prices

Europe is looking at a harsh winter this year. Russia's chokehold on Europe's crucial gas supplies is tightening. Meanwhile soaring energy prices continues to exacerbate the cost of living crisis across Europe.

How Europe can protect the poor from surging energy prices

While European Union leaders are divided over proposal to cap Russian gas prices, Russian president Vladimir Putin has warned West of winter freeze. Russia has warned against capping energy prices.

EU divided on Russian gas price caps; Putin warns West of winter freeze

Europe is facing an energy crunch, the situation was triggered by the Russian invasion of Ukraine. Now the lighting of public buildings has been stopped in the city of Lille in northern France in order to reduce energy consumption.

Lights out at public buildings in France's Lille; aims to cut 7% of city's energy usage

As Europe deals with rising energy prices, the crisis will force the Eiffel Tower, one of the most visited monuments in the world, whose sparkling lights characterise the night time in the Paris skyline, to go dark early.

However, to honour Queen Elisabeth II's passing on Thursday night, the Eiffel Tower went dark, a remarkable gesture.

The decision to reduce lighting is viewed as a means to serve as an example of the overall decrease in the city's light.

<a href="https://www.wionews.com/world/only-thing-reliable-from-russia-is-lies-faced-with-energy-crisis-germany-takes-a-u-turn-to-nuclear-energy-513306">Also read |&nbsp;'Only thing reliable from Russia is lies': Faced with energy crisis Germany takes a U-turn to nuclear energy</a>

The tower's nighttime lighting accounts for 4 per cent of its annual energy consumption.

The continent is dealing with soaring energy prices, made worse by the Russia-Ukraine conflict. Paris is expected to recommend this week that the monument will go black more than an hour earlier than usual.

The Eiffel Tower currently has a sophisticated lighting system that illuminates it from dark until one in the morning, giving it a golden glow. In addition, 20,000 flashing bulbs give the monument a five-minute glitter every hour starting at dusk. The tower will no longer shine at midnight if the city's hall proposes to have it go dark at 11:45 pm when the last visitors leave.

<a href="https://www.wionews.com/photos/in-pics-protests-across-europe-over-energy-crisis-513394">Also read |&nbsp;In pics | Protests across Europe over energy crisis</a>

Tower's management head, Jean Francois Martins, said, "It’s a highly symbolic gesture – part of the growing awareness around energy sobriety," The Guardian reported.&nbsp;

The monument nearly receives at least 20,000 visitors each day.

By the end of September, Marseille's monuments, including the Pharo Palace, will turn off the lights earlier as well. Other authorities also plan to reduce the nighttime lighting of renowned locations.

(With inputs from agencies)

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As Europe deals with rising energy prices, the crisis will force the Eiffel Tower, one of the most visited monuments in the world, whose sparkling lights characterise the night time in the Paris skyline, to go dark early.

As Europe deals with rising energy prices, the crisis will force the Eiffel Tower, one of the most visited monuments in the world, whose sparkling lights characterise the night time in the Paris skyline, to go dark early. However, to honour Queen Elisabeth II's passing on Thursday night, the Eiffel Tower went dark, a remarkable gesture. The decision to reduce lighting is viewed as a means to serve as an example of the overall decrease in the city's light. Also read | 'Only thing reliable from Russia is lies': Faced with energy crisis Germany takes a U-turn to nuclear energy The tower's nighttime lighting accounts for 4 per cent of its annual energy consumption. The continent is dealing with soaring energy prices, made worse by the Russia-Ukraine conflict. Paris is expected to recommend this week that the monument will go black more than an hour earlier than usual. The Eiffel Tower currently has a sophisticated lighting system that illuminates it from dark until one in the morning, giving it a golden glow. In addition, 20,000 flashing bulbs give the monument a five-minute glitter every hour starting at dusk. The tower will no longer shine at midnight if the city's hall proposes to have it go dark at 11:45 pm when the last visitors leave. Also read | In pics | Protests across Europe over energy crisis Tower's management head, Jean Francois Martins, said, "It’s a highly symbolic gesture – part of the growing awareness around energy sobriety," The Guardian reported. The monument nearly receives at least 20,000 visitors each day. By the end of September, Marseille's monuments, including the Pharo Palace, will turn off the lights earlier as well. Other authorities also plan to reduce the nighttime lighting of renowned locations. (With inputs from agencies) WATCH WION LIVE HERE

Amid energy crisis in Europe, Eiffel Tower to go dark early 

Europe is taking steps to prepare for a harsh winter in the amidst of an energy crisis. Russia has said that it will not supply gas to Europe till sanctions are lifted in response Germany has decided to keep two nuclear power plants on standby despite having vowed to stop using nuclear energy.

Germany keeps two nuclear reactors on standby amid Europe's energy crisis

Bangladesh has cut school and office hours in a bid to conserve electricity. How will the ongoing power crisis affect Bangladesh's economic growth? Could cheaper Russian energy offer some relief? Mariam Wardak tells you.

South Asia Diary | Bangladesh cuts school, office hours amid power crisis

Belgium's energy minister says the EU is looking at tough winters ahead if a gas price cap isn't put into place soon. The Belgian minister said gas prices in Europe need to be frozen urgently and added that the link between gas and electricity prices was artificial and needs reform.

EU nations call for energy price cap, Belgian minister warns of tough winters ahead

As Europe grapples with high gas prices amid&nbsp;the Ukraine war, European electricity prices hit record highs on Friday.

Electricity prices in Germany touched $995 per megawatt hour&nbsp;while in France they went past 1,100 Euros. Energy regulator Ofgem in the UK also said that it will be increasing electricity and gas price cap almost two-fold from October.

<a href="wionews.com/business-economy/european-gas-prices-surge-20-as-russias-latest-move-causes-supply-fears-509256">Also Read:&nbsp;European gas prices surge as Russia's latest move causes supply fears</a>

EU had vowed&nbsp;to reduce national gas demand by 15 per cent between August and March as Russia slashed gas exports after sanctions due to the Ukraine invasion. The gas crisis has hit the fertiliser industry in Europe since the continent depends on nitrogen-based fertiliser. The lack of fertiliser may hit food crops in Europe with gas supply under pressure.

Watch:&nbsp;Europe&nbsp;worries&nbsp;over winter energy crunch&nbsp;

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Reports claim natural gas supertankers are also feeling the heat as charter rates have skyrocketed amid the worsening energy crisis. According to rating agency Fitch, record high natural gas prices have put pressure on the supply chains of many European corporate sectors, including non-integrated energy suppliers, fertiliser producers and consumer goods companies.

Fitch said agribusinesses may face shortages in fertiliser supplies with prices likely to rise in the next harvest. Meat processors and carbonated drinks manufacturers are also likely to be hit due to disruptions linked to CO2 shortages which is a by-product of ammonia manufacturing and is used in meat and fizzy drinks.

In a related development, Finnish paper firm Metsä has decided to cut back on tissue production due to the energy crisis. The move could lead to shortage of paper products such as toilet and kitchen paper. Metsä Tissue temporarily halted its plants in Germany and Slovakia amid high electricity prices.

(With inputs from Agencies)

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As Europe grapples with high gas prices amid the Ukraine war, European electricity prices hit record highs on Friday. Electricity prices in Germany touched $995 per megawatt hour while in France they went past 1,100 Euros.

As Europe grapples with high gas prices amid the Ukraine war, European electricity prices hit record highs on Friday. Electricity prices in Germany touched $995 per megawatt hour while in France they went past 1,100 Euros. Energy regulator Ofgem in the UK also said that it will be increasing electricity and gas price cap almost two-fold from October. Also Read: European gas prices surge as Russia's latest move causes supply fears EU had vowed to reduce national gas demand by 15 per cent between August and March as Russia slashed gas exports after sanctions due to the Ukraine invasion. The gas crisis has hit the fertiliser industry in Europe since the continent depends on nitrogen-based fertiliser. The lack of fertiliser may hit food crops in Europe with gas supply under pressure. Watch: Europe worries over winter energy crunch Reports claim natural gas supertankers are also feeling the heat as charter rates have skyrocketed amid the worsening energy crisis. According to rating agency Fitch, record high natural gas prices have put pressure on the supply chains of many European corporate sectors, including non-integrated energy suppliers, fertiliser producers and consumer goods companies. Fitch said agribusinesses may face shortages in fertiliser supplies with prices likely to rise in the next harvest. Meat processors and carbonated drinks manufacturers are also likely to be hit due to disruptions linked to CO2 shortages which is a by-product of ammonia manufacturing and is used in meat and fizzy drinks. In a related development, Finnish paper firm Metsä has decided to cut back on tissue production due to the energy crisis. The move could lead to shortage of paper products such as toilet and kitchen paper. Metsä Tissue temporarily halted its plants in Germany and Slovakia amid high electricity prices. (With inputs from Agencies) WATCH WION LIVE HERE ×

Electricity prices hit record highs in Europe, affect supply chains, spark fears of fertiliser shortage

Europe is staring at a winter of unrest. Energy prices across the continent have soared over fears that Moscow will halt gas supplies. Governments are making plans to conserve gas among energy intensive industries.

Europe to face shortages of kitchen & toilet paper?

Europe is staring at a winter of unrest as energy prices across the continent of different commodities over fares. Moscow will halt gas supplies. Governments are making plans to conserve Russian gas among energy intensive industries.

Europe: Glass and Paper production affected due to energy crisis

Europe's energy crisis is getting worse. Electricity bills are soaring, gas reserves are depleting and winter is coming. As the mercury dips, gas and oil consumption is going to pick up but Europe doesn't have enough supplies.

Decoding Europe's efforts to stave off the energy crisis

Protests erupted across Britain on Friday after the country increased its energy price cap by almost about 80%. The protesters have gathered outside Britain's energy regulator of gems headquarters in London.

UK energy bills to rise by 80% in October; protesters denounce Ofgem' price cap plan

Europe is slashing energy consumption as Russia cuts off supplies. Germany has switched off street lights. France plans to ban illuminated billboards. Spain has limited air conditioning at airports. Palki Sharma tells you more.

Gravitas: Lights off in Europe as winter approaches

Eurozone is sinking. The euro is Europe's de facto currency and it has dropped to a two-decade low. European economies are in dire straits of global recession.

Energy Crisis, High inflation- Europe slips towards recession

European economies are in bad shape. The Euro has touched a new low against the Dollar. An energy crisis, rising inflation, and political uncertainty in some countries have raised the risk of recession. Will a global recession start in Europe? Palki Sharma tells you more.

Gravitas: World teetering on the edge of a global recession

Russia's invasion of Ukraine has also brought Canada and Germany closer together. Canada is seeking to boost energy and critical mineral exports to Germany. On Monday, during a 3-day visit, the German chancellor Olaf Scholz met with the Canadian PM Justin Trudeau.

WION Climate Tracker | Canada to supply 'green hydrogen' to Germany amid energy crunch

On Tuesday, the euro saw its lowest point in two decades against the dollar, as a result of resurgent worries that an energy crisis will keep prices high and virtually drive Europe into a recession.&nbsp;

The value of the <a href="https://www.wionews.com/world/new-covid-19-testing-robot-can-produce-results-in-just-45-minutes-509333">Chinese</a> yuan fell to a two-year low, and the value of the pound briefly surpassed March 2020 lows.

The euro was able to recover from the 20-year low of $0.99005 set early in the day as business activity figures from Europe were not as dismal as anticipated.

The likelihood of maintenance on the main Russian pipeline to Europe caused markets to tremble on Monday, which resulted in a substantial increase in British and Dutch wholesale gas prices. The <a href="https://www.wionews.com/world/gazproms-halt-of-nord-stream-1-pipeline-plunges-europe-into-a-gas-crisis-509359">Nord Stream 1 pipeline</a> will be shut down by Russia for three days at the end of the month, the latest illustration of how unstable the continent's energy supply is.

Energy supply has already been strained by the continent's heat waves, and concerns are rising that any disruption during the winter months may be disastrous for business activity.

"Given the current mood, there's obviously concerns as to whether that's going to be three days or whether it's going to be three years," said Ray Attrill, head of FX strategy at National Australia Bank (NAB).

Also read |&nbsp;<a href="https://www.wionews.com/world/japan-may-scrap-covid-19-tests-for-travellers-reports-509384">Japan may scrap COVID-19 tests for travellers: Reports</a>

The Japanese yen moved up to 137.24 per dollar after striking a one-month low of 137.705 earlier in the day, while the pound was driven to a new 2-1/2-year low of $1.1718.

The risk-averse Australian dollar dropped to a one-month low before rising to about $0.6888.

China's yuan dropped to an almost two-year low of 6.8666 per dollar elsewhere in Asia.

Also WATCH&nbsp;|&nbsp;E-Commerce revenue may shrink for first time

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On Tuesday, the euro saw its lowest point in two decades against the dollar, as a result of resurgent worries that an energy crisis will keep prices high and virtually drive Europe into a recession.

On Tuesday, the euro saw its lowest point in two decades against the dollar, as a result of resurgent worries that an energy crisis will keep prices high and virtually drive Europe into a recession. The value of the Chinese yuan fell to a two-year low, and the value of the pound briefly surpassed March 2020 lows. The euro was able to recover from the 20-year low of $0.99005 set early in the day as business activity figures from Europe were not as dismal as anticipated. The likelihood of maintenance on the main Russian pipeline to Europe caused markets to tremble on Monday, which resulted in a substantial increase in British and Dutch wholesale gas prices. The Nord Stream 1 pipeline will be shut down by Russia for three days at the end of the month, the latest illustration of how unstable the continent's energy supply is. Energy supply has already been strained by the continent's heat waves, and concerns are rising that any disruption during the winter months may be disastrous for business activity. "Given the current mood, there's obviously concerns as to whether that's going to be three days or whether it's going to be three years," said Ray Attrill, head of FX strategy at National Australia Bank (NAB). Also read | Japan may scrap COVID-19 tests for travellers: Reports The Japanese yen moved up to 137.24 per dollar after striking a one-month low of 137.705 earlier in the day, while the pound was driven to a new 2-1/2-year low of $1.1718. The risk-averse Australian dollar dropped to a one-month low before rising to about $0.6888. China's yuan dropped to an almost two-year low of 6.8666 per dollar elsewhere in Asia. Also WATCH | E-Commerce revenue may shrink for first time

Euro hits fresh 20-year low as energy crisis deepens

German chancellor Olaf Scholz is on a three-day visit to Canada to boost energy security. The visit comes at a time when Europe is staring at a looming energy crisis.

Europe energy crisis: Scholz, Trudeau likely to sign clean hydrogen deal

The UK's leader of opposition Keir Starmer has released labour's plans to deal with rising inflation and soaring energy prices. The labour leader said that the families will not have to pay a penny more under his party's plan to tackle the ongoing economic crisis.

'Can control inflation by freezing energy bills,' Keir Starmer details energy price cap plan

Households in UK need help with rising fuel bill as energy bills there 'set to cost two months' wage. Sunak and Truss has announced plan for energy crisis.

WION Fineprint: UK energy bills 'set to cost two months' wage

Britain's energy bill in 2023 is expected to top $5,000, the equivalent of two months' wages. Gas supply disruptions in Europe could trigger power cuts during the winter. Palki Sharma tells you more about Britain's energy crisis.

Gravitas: Britain's energy bill to cost two months' salary

If you are planning to beat the heat in Spain with a cold drink, there are chances that your drink might not be cold enough because restaurants and bars in Spain are running out of ice.

WION Climate Tracker: Spain orders temperature limit for businesses

As the energy crisis grips Europe amid the Ukraine war, UN chief António Guterres said oil and gas companies were indulging in "grotesque greed" while making profits.

“It is immoral for oil and gas companies to be making record profits from this energy crisis on the backs of the poorest people and communities," the UN chief said while adding that it was being done at a "massive cost to the climate".

<a href="https://www.wionews.com/world/uk-gas-major-centricas-profits-soar-amid-sky-high-energy-prices-501517">Also Read:&nbsp;UK gas major Centrica's profits soar amid sky-high energy prices</a>

Guterres went a step further and urged governments worldwide to tax the companies making "excessive profits" and to use the funds to support those communities who need it at this time.

The UN chief's strong statement comes as British oil giant BP's net profit zoomed to $9.3 billion in the three months until June amid surge in oil and gas prices due to the Ukraine war. Shell had earlier showed a fivefold surge in net profit racking up $18 billion as French company TotalEnergies also raked in nearly $6 billion.

Watch:&nbsp;Latvia calls for travel ban on Russians as gas supply turned off

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US giants ExxonMobil and Chevron&nbsp;also registered record gains last week. Gas prices have surged after the Russian invasion as the EU has imposed stringent sanctions on Putin's regime. Russia has turned off gas supplies to several European nations with Germany bracing for a tough winter.

Last week Russia's Gazprom suspended gas deliveries to Latvia amid the energy crisis in Europe. The UK government had earlier imposed a windfall tax on BP and Shell as inflations and energy prices shot to record levels.

Guterres said that developing countries have been living with climate crises while some developed countries&nbsp;had introduced "universal subsidies at gas stations" without naming the nations.&nbsp;

(With inputs from Agencies)

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As the energy crisis grips Europe amid the Ukraine war, UN chief António Guterres said oil and gas companies were indulging in "grotesque greed" while making profits.

As the energy crisis grips Europe amid the Ukraine war, UN chief António Guterres said oil and gas companies were indulging in "grotesque greed" while making profits. “It is immoral for oil and gas companies to be making record profits from this energy crisis on the backs of the poorest people and communities," the UN chief said while adding that it was being done at a "massive cost to the climate". Also Read: UK gas major Centrica's profits soar amid sky-high energy prices Guterres went a step further and urged governments worldwide to tax the companies making "excessive profits" and to use the funds to support those communities who need it at this time. The UN chief's strong statement comes as British oil giant BP's net profit zoomed to $9.3 billion in the three months until June amid surge in oil and gas prices due to the Ukraine war. Shell had earlier showed a fivefold surge in net profit racking up $18 billion as French company TotalEnergies also raked in nearly $6 billion. Watch: Latvia calls for travel ban on Russians as gas supply turned off US giants ExxonMobil and Chevron also registered record gains last week. Gas prices have surged after the Russian invasion as the EU has imposed stringent sanctions on Putin's regime. Russia has turned off gas supplies to several European nations with Germany bracing for a tough winter. Last week Russia's Gazprom suspended gas deliveries to Latvia amid the energy crisis in Europe. The UK government had earlier imposed a windfall tax on BP and Shell as inflations and energy prices shot to record levels. Guterres said that developing countries have been living with climate crises while some developed countries had introduced "universal subsidies at gas stations" without naming the nations. (With inputs from Agencies) WATCH WION LIVE HERE ×

Immoral for oil and gas companies to be making record profits: UN chief António Guterres

Spanish Prime Minister Pedro Sanchez has called on workers in the public and private sectors to stop wearing ties, as an energy-saving measure in the heat. Sanchez also added that his government will adopt urgent energy-saving measures on Monday as European countries strive to become less dependent on Russian gas.

Spanish PM Pedro Sanchez urges employees to stop wearing ties to save energy

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