Last week, the Commission unveiled its proposal of a joint gas purchase as an alternative to the controversial price cap on imported gas.
This week, the Commission presented at the Energy Council meeting on Tuesday the proposal for a Council Regulation aimed at “enhancing solidarity” among Member States through coordinated purchases of gas. As we advanced on Monday, among the urgent measures we find a complementary benchmark on LNG believed to be more representative. Although currently an urgent action, the idea of a price benchmark is planned to be included in a future revision of the energy market legal framework. Finally, the Council unveiled their thoughts on the Directive and Regulation drafts on gas and hydrogen markets proposed by the Commission last December.
Week ahead, ELS Analysis keeps its eyes on the next steps for the approval of the aforementioned Council Regulation and the Commission’s plan for a long-term electricity market reform.