Ljubljana - The government got acquainted with the current price trends in energy markets on Thursday and decided not to take any action for now. Infrastructure Minister Jernej Vrtovec said there was no reason to panic.

"Slovenia is on the safe side for now, but it is absolutely necessary to invest more in renewables and in new nuclear technologies," Vrtovec said after the cabinet session.

The government set up a task force led by Vrtovec to keep an eye on the situation. It also got acquainted with the toolbox of measures presented by the EU Commission yesterday to tackle high prices.

"It determined there is no need at this point for Slovenia to take any action. But if that is required, we are ready," he said.

The statement comes after energy group Petrol announced it would raise electricity prices by 30% and gas prices by 12% as of December.

A few weeks ago, a small electricity provider announced it was ceasing operations and urged customers to switch providers.

Asked about this, Vrtovec said the market was working: "Don't panic, switch the provider."