Joint gas market, development of new benchmark and consideration of temporary dynamic price cap on ’27’ agenda, says Charles Michel
The energy crisis will be at the center of the agenda of the leaders of the 27 member states at the Brussels Summit on Thursday and Friday.
In the letter of invitation to the “27”, the President of the European Council Charles Michel points out that “the focus of our agenda is the energy crisis, on which we must act urgently. In particular, we must urgently intensify our three lines of action: reducing demand, ensuring security of supply and containing prices.”
Mr. Michel emphasizes that “it is the opportunity” to consider further measures that can reduce prices and more specifically he refers to the common gas market, the development of a new benchmark that more accurately reflects the conditions in the natural gas market and the consideration of a temporary dynamic price limit.
“I also expect that we will face other short-term and long-term market interventions, such as an EU framework for the gas price cap for electricity generation. I am sure that, despite the different national constraints, we will approach our energy dialogue constructively, realizing the urgency of the situation for our collective interest”, adds the President of the European Council.
At the same time, he states that “our economic prospects will depend to a great extent on how we manage our energy crisis. As a consequence of our energy debate, I would like us to also focus on effectively coordinating our economic policy responses, including supporting common European solutions.”
The war in Ukraine will also be on the leaders’ table.
“The Kremlin chose to take several escalating steps, including launching a campaign of mobilization, orchestrating fake ‘referendums’ on the illegal annexation of Ukrainian territories, and adopting threatening rhetoric. More recently, Russian forces have indiscriminately bombed civilian areas. The perpetrators of these war crimes must be held accountable. At our meeting, I would like to discuss our aid to Ukraine and particularly address Ukraine’s immediate needs in preparation for this winter, as well as the sustainability of our aid in the medium and long term,” notes Charles Michel. At the same time, it says that after the recent “sabotage” attacks against the Nord Stream pipelines, “we will also consider ways to intensify our cooperation to protect critical infrastructure.” The leaders’ discussion will include China and preparations for the EU-ASEAN (Association of Southeast Asian Nations) Summit, which will take place on December 14 in Brussels.
The European Council meeting will start at 4 p.m. (Greece time) on Thursday, October 20.
“After our traditional exchange with the President of the European Parliament, we will deal with the energy crisis and its economic consequences. Then we will deal with the rest of the issues, mainly the situation in Ukraine and other foreign policy issues,” concludes Mr. Michel.
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