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Thursday, December 1, 2022
HomeWorldEU: The conclusions of the European Council on energy

EU: The conclusions of the European Council on energy

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The European Council agreed, among other things, that in light of the ongoing crisis, efforts to reduce demand must be accelerated and intensified and there must be guarantees for security of supply.

Faced with the fact that energy is being turned into a weapon by Russia, the European Union will remain united to protect its citizens and businesses and take necessary measures urgently, say the conclusions of the European Council on energy released on the first morning hours today.

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The European Council agreed that, in the light of the ongoing crisis, efforts to reduce demand, guarantee security of supply, avoid rationing and reduce energy prices for households and businesses across the Union, adding that the integrity of the single market must be safeguarded.

It is further emphasized that the European Council calls on the Council and the Commission itself to urgently submit specific decisions on the following measures, as well as on the Commission’s proposals, having assessed their impact in particular on existing contracts, in such a way that long-term conventions, and taking into account different energy mixes and national conditions:

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a) voluntary joint supply of natural gas, in addition to the binding concentration of demand for a quantity equivalent to 15% of the filling needs of the storage infrastructure, according to national needs, and acceleration of negotiations with reliable partners to seek mutually beneficial partnerships with exploiting the weight of the Union’s collective market and making full use of the EU Energy Platform, which is also open to the Western Balkans and the three associated Eastern Partners;

b) a new additional benchmark by the beginning of 2023 that more accurately reflects the conditions in the natural gas market;

c) a temporary dynamic price corridor for natural gas transactions to immediately limit “episodes” of excessive natural gas prices, taking into account the safeguards set out in Article 23(2) of the Draft Council Regulation proposed on 18 October 2022;

d) temporary framework at EU level to limit the price of natural gas in electricity production, with a cost-benefit analysis, without modifying the merit order, while preventing the increase in natural gas consumption, addressing the financing effects and distribution and its impact on flows across EU borders;

(e) improvements in the functioning of energy markets to increase market transparency, alleviate the liquidity crisis and eliminate factors that enhance the volatility of natural gas prices, while ensuring the maintenance of financial stability;

f) fast track the simplification of licensing procedures in order to accelerate the deployment of renewable energy sources and networks, including emergency measures under Article 122 TFEU (n.e. Treaty on the Functioning of the EU);

g) energy solidarity measures in case of disruption of natural gas supply at national, regional or Union level, in the absence of bilateral solidarity agreements;

h) increased efforts to save energy;

i) mobilization of relevant tools at national and EU level. At the same time, the protection of households and businesses, especially the most vulnerable in our societies, is an immediate priority. Maintaining the Union’s global competitiveness is also important. All relevant tools should be mobilized at national and EU level to strengthen the resilience of our economies, while maintaining Europe’s global competitiveness and maintaining a level playing field and the integrity of the single market. The European Council is committed to close coordination of policy responses. It emphasizes the importance of close coordination and joint solutions at European level, where appropriate, and is committed to achieving our policy goals in a unified manner. The Council will continue to closely monitor economic developments and is committed to further strengthening our coordination in order to provide a decisive and flexible policy response.

The European Council reiterates the need to step up investment in energy efficiency, future-ready energy infrastructure, including interconnections, storage and innovative renewable energy technologies.

The European Council calls on the Commission to accelerate work on the structural reform of the electricity market, including impact assessment, and calls for further progress towards a full Energy Union serving the twin goals of European energy sovereignty and climate neutrality.

The European Council will continue to examine the issue, the text of the conclusions concludes.

RES-EMP

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Megan
Megan
I am currently a news writer for News Bulletin247 where I mostly cover sports news. I have always been interested in writing and it is something I am very passionate about. In my spare time, I enjoy reading and spending time with my family and friends.

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