Economy 6 October 2021, 9:23am

EU leaders call for energy market measures

Portfolio

Leaders of the 27 EU countries discussed the energy crisis briefly after midnight at an informal dinner last night, with five major member states demanding prompt action, Politico reported. Immediate coordinated intervention was urged into energy market trends as well as establishing a joint strategic gas reserve. It now appears that the next EU summit on 21 and 22 October will bring further discussions on energy issues.

According to Politico, Spanish Prime Minister Pedro Sánchez raised the issue of high energy prices at the Tuesday evening dinner before the West Balkans summit starting today, which eventually lasted into the small hours.

He outlined a joint statement signed by Spain, France, the Czech Republic, Greece and Romania calling for an investigation into the EU gas market and vowing to “reduce European dependency on gas exporting countries as fast as possible.” They also proposed joint gas purchases to increase EU leverage and a reform of the EU’s electricity market as well as limiting speculation with CO2 credits under the EU’s emissions trading system to ensure “a more predictable carbon price.”

Earlier in the day, European Commission President Ursula von der Leyen confirmed that the EU is looking at establishing a joint strategic gas reserve. Von der Leyen also said the EU would have to look at the possibility of decoupling electricity prices from gas prices.

Cover photo: European Union