June 13, 2024

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27 Agrees to measures to “control energy prices”.

27 Agrees to measures to “control energy prices”.

“Unity and solidarity will prevail.” In a tweet, European Council President Charles Michel announced on Friday 21 October that EU leaders had reached an agreement overnight. “To work on measures to control energy prices for households and businesses.” The good news is that since the start of the war in Ukraine, the EU has reacted slowly to shocks in the prices of oil, gas and electricity, which have been weakened by the diverging interests of member states.“Now we have a good road map”Commission President Ursula van der Leyen welcomed.

According to the results published at the end of the meeting, in Brussels, heads of state and government are asking the commission to submit to them. “urgently” of “Certain Results” In a package of measures including interventions to curb the volatility of gas prices.

Leaders agreed to promote joint procurement of gas at EU level. They also called “Expedite its negotiations“With producing countries “reliable”, Like Norway and USA “Take advantage of economic weight“The EU as a whole is less able to compete on the world market at the risk of triggering a price spiral.

In addition to the move to cap wholesale prices in natural gas transactions, leaders have also called for a specific plan for a mechanism. “temporary” France is calling for a system already in place in Spain and Portugal to be extended to the rest of the EU – to cap the price of gas used to generate electricity.

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In the offer made to Germany, this mechanism should be linked to security “Avoid any increased gas consumption”. This should ultimately prevent the EU from subsidizing electricity exports to neighboring countries.

IfHe wanted the twenty-seven to present a united front, with many points still to be resolved, and negotiations promising to be difficult in the coming weeks. The German Chancellor, Olaf Scholes, made it clear that a new summit of heads of state would be necessary if energy ministers could not agree on a final version of the deal.

Emmanuel Macron, for his part, assessed that the expected mechanisms could be implemented “Late October, early November”. Meanwhile, there are leaders “Sent a clear signal to the markets [leur] determination and [leur] Unity”, The President of France commented.