Energy ministers agreed on Wednesday to purchase gas together from 2023. In addition, the current price index will be changed, Czech Energy Minister Jozef Sikela said. The goal is to make it more resistant to speculation and price spikes.
“There is general agreement among ministers that we should buy gas together from 2023,” said Jozef Sikela, who chaired the meeting in Prague on Wednesday. It is also important to show solidarity and save more energy.
Fill storage in a coordinated way
The measures agreed by the ministers correspond to the position of the German federal government. The German Minister of Economic Affairs Robert Habeck (Greens) had already spoken out several times in favor of joint gas purchases. “If Europe, as a major buyer, uses its market power strategically, it will drive prices down,” he is convinced. EU Energy Commissioner Kadri Simson announced that the joint purchases are mainly aimed at filling stores in a coordinated way for the coming winter.
The EU countries had already agreed to voluntary joint purchases in March, but a coordination platform has produced few concrete results. In addition, the price index on the gas trading platform TTF is being reformed in order to lower the gas price. To date, many purchase agreements are based on this price index, which fluctuates widely.
However, there is no EU-wide price cap for gas. Another proposal is to limit the price of gas for electricity production. However, the German and Dutch governments fear that this could increase gas consumption.
European Commission to present package in October
“The Commission is working to present a package of proposals on October 18,” Simson said. Nor will it be the last package of measures. At the same time, the EU Energy Commissioner warned that none of the measures should send the wrong signal and increase consumption in the EU. Adoption of the proposals requires the approval of individual EU countries.
Source: Krone
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