The participants in the EU summit did not set a ceiling on gas prices. But they agreed to keep looking for a compromise to curb rising energy prices.
EU leaders at a two-day summit in Brussels agreed on measures to combat the energy crisis. This was stated in the statement of the European Council, published on the evening of Friday, October 21.
“In the face of Russia’s energy weaponization, the European Union will remain united to protect its citizens and businesses and take the necessary action as a matter of urgency,” the statement said.
EU leaders called on the Council and Commission to urgently present concrete decisions on further steps:
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15% of the need to fill the gas storages should be purchased as part of the aggregate demand in accordance with the national demand.
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temporary dynamic price corridor for natural gas transactions to immediately limit episodes of excessively high gas prices.
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EU time frame for gas price caps on electricity generation, including cost-benefit analysis.
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improving the functioning of energy markets to increase market transparency, ease liquidity stress, eliminate factors that increase gas price volatility, and maintain financial stability.
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accelerating the simplification of licensing procedures to accelerate the deployment of renewable energy sources and related networks, including through emergency measures.
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energy integration measures in case of interruptions in gas supplies at the national, regional or union level in the absence of bilateral integration agreements.
The participants in the EU summit did not set a ceiling on gas prices. However, they agreed to continue the search for a compromise to prevent the increase in energy prices – on the basis of proposals published earlier by the European Commission.
It was previously reported that gas prices in Europe have fallen to around $1,200 per 1,000 cubic meters. This happened for the first time since June 15th.
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Source: korrespondent
I am David Wyatt, a professional writer and journalist for Buna Times. I specialize in the world section of news coverage, where I bring to light stories and issues that affect us globally. As a graduate of Journalism, I have always had the passion to spread knowledge through writing.