The European Commission (EC) is finalizing a package of measures to restart its joint gas purchase initiative, Report informs via Spanish newspaper El País.
The proposal will be voluntary, but the EC guarantees minimum participation by stipulating that 15% of the countries' storage capacities must be filled with gas purchased through the central European point. Union's heads of state and government are expected to approve new measures to combat the energy crisis at a summit later this week.
Brussels points out that EU member states have also driven gas prices up by competing for suppliers. The EC is suggesting that the EU would be better off negotiating with suppliers if they buy jointly. As the newspaper clarifies, it seems that Brussels has managed to involve Germany in the initiative.
El País notes that the EU managed to significantly reduce the consumption of Russian gas after the outbreak of hostilities in Ukraine. In addition, the gas reserves in the European Union exceed 91%. However, gas and electricity prices are extremely high and volatile. The EU can use the single market to promote joint fuel purchases and keep market prices under control.
Most countries in the community support introducing a cap on gas prices. However, EU states disagree on how to do this. In this regard, Brussels admits the difficulty of finding a single formula.