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EU Proposes Measures to Avoid Extreme Energy Price Spikes
Posted
October 19, 2022
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October 19, 2022
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0:42Now PlayingEuropean Union leaders enter a crucial stretch this week to make sure runaway energy prices and short supplies don't further tank their struggling economies and foment unrest.
At the same time, they need to keep all 27 members united in their opposition to Russian President Vladimir Putin.
Leading up to Thursday's start of a key summit, the European Commission, the bloc's executive branch, proposed a blueprint on Tuesday that needs to reconcile the yawning gap between those who want to impose a common gas price cap to keep prices down and those who think it would primarily keep out supplies, further starving industries and businesses.
Then, going into the weekend, EU leaders will seek a compromise during two days of talks, however hard that may be.
As a sweetener, the European Commission also proposes to retarget some 40 billion euros in budget aid towards those most affected by the crisis.
"We have been working very hard in the last months against the fallout on the energy markets and we have made progress," European Commission President Ursula von der Leyen told reporters in Strasbourg on Tuesday.
The European Commission proposed a compromise that would allow for a temporary correction mechanism to kick in in exceptional circumstances, and the creation of a new LNG gas index better reflecting the market following the drastic reduction of imports of pipeline gas from Russia.
Against such a background of potential social foment, the EU leaders are in line to agree on a system to pool buying of gas to make sure member states stop bidding against one another to boost reserves and push up energy prices overall.
"We know that we are strong when we act together," von der Leyen said.
Under the Commission's proposal, natural gas arriving through the entry points from Russia would be excluded from the plan.
To get ready for possible shortages in the winter, the EU has already agreed to cut gas consumption by 15%.
The European Commission also suggested Tuesday to bolster EU solidarity rules to make sure members can receive gas from the others in case of an emergency in exchange of a compensation.
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