EU leaders call for mechanism to lower gas prices

At the end of their summit, EU leaders called on the European Commission and the Council of the European Union to quickly decide on the formulation of a mechanism to reduce gas prices for electricity generation in the Union.

The outcome document stated that “The European Council calls on the Council and the Commission to urgently submit concrete decisions on the following additional measures … to the Mechanism for the temporary reduction of EU gas prices for electricity generation.”

The EU heads of state discussed the proposals of the European Commission on new measures to combat the energy crisis, which were presented on Tuesday.

The leaders called for a decision by early 2023 on a new surcharge that “more accurately reflects conditions in the gas market”, while the European Commission has reportedly proposed such a ceiling for the LNG market.

They also supported, according to the document, the idea of ​​mandatory joint gas purchases from the European Union and demanded a decision on “mandatory pooling of demand in an amount equivalent to 15% of the need for storage.”

Earlier, the European Commission reported that this share is approximately 13.5 billion cubic meters, which on Tuesday proposed launching mandatory joint purchases of gas in this volume by the winter of 2023-2024 to fill gas storage facilities in the European Union.

The leaders also call for urgent solutions to “energy solidarity measures in the event of a national, regional or union gas cut in the absence of bilateral solidarity agreements.”

In addition, EU leaders are calling for a decision on a temporary dynamic price range for natural gas deals to curb gas price spikes immediately, while the European Commission on Tuesday proposed a viable EU temporary mechanism to curb high trust prices. fund. .

Source: RIA Novosti