New energy crisis package to be set out next week, Commission says

The European Commission will set out a new package of legislative interventions to ease the impact of the energy crisis on October 18, including joint purchasing of gas by 2023.

Speaking following an informal meeting of EU energy ministers in Prague, Energy Commissioner Kadri Simson said the plans would avoid a scenario where member countries are “outbidding one another on the market” and driving up gas prices.

Next week’s package would also include a legislative proposal for an alternative European benchmark price for gas, she said.

With several countries pushing for an overall cap on the price of gas, Simson said the Commission’s preference remained to achieve price reductions through negotiations with gas exporting countries. But she confirmed that the new plans will include an outline of how a “temporary mechanism to limit prices” could work.

The package will also include measures to improve sharing of gas supplies between EU member countries in the event of shortages in parts of the bloc, the commissioner added.