The “27” are looking for common ground to deal with the accuracy of energy prices at the Summit that starts in the afternoon in Brussels
The energy crisis will be at the center of the work of the European Council which begins this afternoon in Brussels, with European leaders trying to reach an agreement on measures to combat energy price gouging.
This time the “27” at least have a basis for discussion a specific legislative proposal from the European Commission. This Commission proposal includes the prospect of a common gas market, a solidarity mechanism between Member States, continuous efforts to reduce gas demand and an intervention mechanism to limit prices on the TTF gas exchange. According to a European official, there is a broad consensus among member states on the first three axes of the Commission’s proposal, but differences continue to exist regarding the restriction on natural gas prices.
In particular, the most controversial issue is the “market correction mechanism” of natural gas proposed by the Commission. This mechanism will allow for the establishment of a maximum dynamic price at which the natural gas market can be traded on the TTF exchange. It will be a temporary measure, pending the development, by March, of a new LNG benchmark to decouple from the TTF. The proposal for the maximum dynamic price satisfies Greece, Italy and generally the majority of member states to some extent, according to diplomatic sources, but Germany and the Netherlands still have significant reservations.
In any case, European leaders today will only give “political direction” and apparently won’t go into technical details, according to a European official. The individual complex technical issues will be discussed in the Council of Energy Ministers next week and in mid-November, so that the new regulation to limit energy prices will be operational around the end of November to the beginning of December.
A European official appeared modestly optimisticpointing out that “now is the time for actions and decisions” for the European Council and that European leaders are coming to the negotiating table with a willingness to compromise, so that with unity and solidarity the increase in prices that has been affecting for many months the EU households and businesses.
RES-EMP
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