November 30, 2022

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Summit in Brussels.  The results: the EU will work together to contain rising energy prices

Summit in Brussels. The results: the EU will work together to contain rising energy prices

EU leaders concluded another discussion on responding to the energy crisis without an agreement to contain rising gas prices, but decided to continue working on measures to contain rising energy prices. – We have an energy deal. There is a strong unanimous commitment to working together, European Council President Charles Michel said at a press conference following the Brussels summit. – – We now have a very good and solid roadmap to continue working on the issue of energy prices – said European Commission President Ursula von der Leyen.

European Union countries from time The war in Ukraine Struggle with stature energy prices This, in turn, leads to inflation and increases the risk of stagnation. 27 countries have already agreed to fill their gas storage facilities with gas and energy tax companies to support consumers.

At the summit in Brussels, leaders finally agreed to European Commission proposals for an alternative reference price for LNG and a voluntary joint purchase of gas.

Charles Michel and Ursula von der LeyenOliver Hoslet

Michelle: A strong and unanimous commitment to working together

– The leaders of 27 countries agreed from Thursday evening to Friday that they will work together on measures to contain the rise in energy prices – said the President of the European Council. Charles Michel.

– We have an energy deal. There is a strong and unanimous commitment to work together to achieve three goals: lower prices, guarantees to secure supply, and continue to work to reduce demand, Michel said at a press conference. He added that the leaders agreed that they would work together on measures to lower energy prices for homes and businesses.

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“Unity and solidarity prevail. They agreed to work on measures to reduce energy prices for homes and businesses,” Michel wrote in a tweet, without giving specifics about the potential price cap.

Von der Leyen: A powerful roadmap for further action

“We now have a very good and solid roadmap to continue working on the issue of energy prices,” European Commission President Ursula von der Leyen said at a press conference. as she added, European Union It will introduce a market correction mechanism to be activated when gas prices are excessively high. She stated that they would together prepare specific legal proposals European Commission and energy ministers of the European Union.

Ursula von der Leyen and Charles Michel at a press conference in BrusselsEnvironmental Protection Agency

Von der Leyen said leaders at the summit supported the introduction of joint purchases of gas in the European Union and, to this end, the creation of special “purchasing unions”. “The goal is to increase our strength in the market,” she noted. She said EU leaders agreed to create an EU gas price index to reflect the fact that more and more liquefied gas is arriving in the EU.

She also said the commission would submit proposals for an interim crisis framework for state aid next week. “This will give member states better opportunities to support businesses in the current crisis with fair rules in the single market for all,” she said.

“I welcome the results of the summit and the support we have received from the leaders. They have provided strategic guidance on the energy package, from joint procurement to investment,” von der Leyen wrote on Twitter.

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Results of the summit in Brussels

In the outcome of the summit, EU leaders asked their ministers and the Commission to “make concrete decisions” on a “temporary dynamic price corridor in natural gas transactions” that would limit the rise in prices for gas used to generate electricity.

The EU leaders emphasized that “the EU summit decided that in any crisis it is necessary to accelerate and intensify action to reduce energy demand, ensure security of supply, prevent rationalization of consumption, and ensure lower prices for consumers and private companies.”

Main image source: Environmental Protection Agency