Ursula von der Leyen said the aim is to protect Europeans from “the other war that Putin is waging, the war on our energy”.
The need to create a new price reference point for LNG was referred to by the President of the Commission, Ursula von der Leyen speaking at the plenary session of the European Parliament in Strasbourg.
Von der Leyen noted that “the current benchmark that determines gas prices is the TTF. TTF focuses on pipeline natural gas. We need a new, concrete price benchmark for LNG.
THE Commission will now develop this additional benchmark together with the European regulator. But that takes time.
Thus, in the interval (…) we constrain the values through TTF. We call this the market correction mechanism. Yesterday we proposed guiding principles as a first step. On this basis, we will prepare him functional mechanism in a second step. This concerns the cap on natural gas at the wholesale level”.
At the same time, he referred to Iberian modelsaying however that there are still questions that need to be answered.
He also emphasized that “Europeans should buy gas together.” That is why we will buy gas together at EU level. Aggregation of demand will be mandatory for at least 15% of the volumes needed to fill gas storages. And the companies involved may form a gas purchasing consortium.”
At the same time, the President of the Commission highlighted the solidarity measures between the member states.
“In our single market with highly integrated supply chains, a disruption in one member state has a huge impact on all member states. Therefore, gas sharing in a crisis is critical. Member states have already had an obligation under EU law to conclude solidarity agreements for five years.
However, only 6 out of 40 possible deals have been agreed to date. This is simply not enough. This is why we will establish default rules for Member States. This will be binding as long as they do not enter into individual solidarity agreements.”
Ursula von der Leyen concluded that the goal is to protect Europeans from “the other war that Putin is waging, the war on our energy.”
RES-EMP
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