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EU leaders back ‘dynamic’ gas price cap idea, default solidarity rules
(EurActiv, 21 Oct 2022) After a long night of discussions, European Union leaders backed European Commission plans for a “temporary dynamic price corridor on natural gas transactions” as well as joint gas purchasing and default solidarity rules among EU countries facing an emergency.
As it usually happens when they fail to adopt decisions, EU leaders agreed to task their minsters and the Commission for finding solutions to the divisive problems.
The summit concluded at around 2am in Brussels with instructions for the EU executive and EU energy ministers “to urgently submit concrete decisions on additional measures” to mitigate the effects of the energy crisis on EU citizens and businesses.
In their summit conclusions, EU leaders asked their ministers and the European Commission to “submit concrete decisions” on a “temporary dynamic price corridor on natural gas transactions” that would limit price spikes, and a price cap on gas used to generate electricity.
This should include a “cost and benefit analysis” for “a temporary EU framework to cap the price of gas in electricity generation”, the conclusions said, reflecting some countries’ concerns that it could boost gas use or divert electricity exports to non-EU countries like Britain that do not have the cap.
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EurActiv, 21 Oct 2022: EU leaders back ‘dynamic’ gas price cap idea, default solidarity rules
