Last week, Member States adopted in their meeting in Prague a Council Regulation on an emergency intervention to address high energy prices, following the agreement reached in the extraordinary Energy Council meeting on 30 September. The temporary measures, to apply from 1 December, did not include joint purchases of gas nor a price cap on imported gas.
This week, EU energy ministers ended their Prague talks on Wednesday with more progress on common measures to tackle high energy prices. However, Commissioner Simson maintained that voluntary price reductions through negotiations with gas-exporting countries are a better choice than price capping.
Week ahead, ELS Analysis keeps its eyes on the ongoing tense debate regarding gas price capping and the Commission’s alternative proposal of joint gas purchasing and sharing of stored gas to be unveiled next Tuesday.