The EU is driving inflation from high energy prices and increasing the prospect of a recession across the continent, exacerbated by the lack of gas flows following Russia's February invasion of Ukraine.
EU leaders ended another debate over the bloc's response to energy shortages, without agreeing on whether to cap gas prices, options to put a ceiling on costs, in the early hours of Friday morning. Deciding to investigate.
The EU is driving inflation from high energy prices and increasing the prospect of a recession across the continent, exacerbated by the lack of gas flows following Russia's February invasion of Ukraine.
27 countries have already agreed to spend on helping consumers with crippling bills to fill gas storage and withdraw revenue from energy firms.
At a summit in Brussels on Thursday, which lasted late into the night, EU leaders finally backed proposals by the European Commission this week to launch an alternative price benchmark for liquefied natural gas and voluntary combined gas purchases, although such Laws to do so would need to be negotiated in the coming weeks.
But after weeks of talks between leaders, ministers and diplomats of EU countries on the subject, the summit concluded at around 2 a.m. in Brussels without a final decision on the EU gas price cap.
"We now have a very good and concrete roadmap to work on the topic of energy prices," said European Commission President Ursula von der Leyen.
In the conclusions of their summit, EU leaders called on their ministers and the EU executive to "submit a concrete decision" on a "temporary dynamic price corridor on natural gas transactions" that would limit price spikes, and electricity. A price cap on the gas used to generate it.
This should include a "cost and benefit analysis" of capping gas prices for the power sector, the conclusion said, reflecting concerns from some countries that it would limit gas use in non-EU countries such as the UK. can boost or divert power exports, those who don't have the cap
The leaders did not give a time frame for when decisions on price caps should be made. EU energy ministers will discuss the measures on Tuesday.
a long night
The hours-long tussle over energy prices reflected rising tensions between countries over their joint response to Europe's energy crisis. On Thursday, many expressed disappointment over Germany's refusal to cap gas prices.
German Chancellor Olaf Scholz said the outcome of the meeting was a "good sign of solidarity".
“We have set precise guidelines with which the Minister of Energy can unanimously formulate concrete details. If this does not work, the Council (of EU country leaders) will have to work again. But I am clearly Hopefully the ministers will be successful in getting the unanimous consent," he said.
Germany, the largest EU economy, leads a small camp, which has so far resisted calls from 15 countries to lower gas prices, saying it would push suppliers out of Europe and would risk reducing the incentives for energy savings.
Italy's outgoing Prime Minister Mario Draghi told his peers, "We have been asked to show solidarity in sharing energy, but on our call to control prices," said an EU official familiar with the closed-door discussions. There is no solidarity."
The Prime Minister of Belgium, Alexander de Crew, which exports gas to neighboring Germany, shared the disappointment.
According to the official, “Solidarity should not only be on supplies – it should also be on prices.”
Spain and Portugal have already capped the price of gas used for electricity generation domestically, and France is keen to expand the plan to the European Union. Separately on Thursday, the two also agreed with France to build a sea-based pipeline between Barcelona and Marseille.
Beyond disagreement over a limit on gas prices, leaders also differed on spending plans by the deepest-pocketed countries to help their industries and homes through the energy crisis, which others complain about and block. weaken the competition on the single market.
EU leaders said the bloc should use national and EU-level tools to support its economies, with common European solutions "where appropriate".
The wording was weaker than a previous draft of their findings, which had indicated more heavily that EU leaders would consider joint lending for their response to the energy crisis - a move two top EU officials called one by Germany. Called for this month after unveiling the huge funding package. To support your economy.
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