Some of the formulas are extending the “Iberian mechanism” to the whole of the EU, creating a voluntary system of joint purchasing of gas or designing a ceiling on the price of that hydrocarbon.
Euskaraz irakurri: EBk gutxieneko akordioa lortu du gasa merkatzen saiatzeko
The countries of the European Union today reached an agreement to develop formulas that can make energy cheaper, such as working on extending the “Iberian Mechanism” to the whole EU, creating a voluntary system of joint gas purchases or designing of a price ceiling for that hydrocarbon.
After more than 11 hours of “intensive but constructive” negotiations, the EU’s heads of state or government have reached a minimum pact that has brought closer positions between a bloc of more interventionist states, headed by Spain, France, Belgium and Greece, and another very reluctant to take measures that could change the markets and jeopardize gas supplies, with Germany, the Netherlands, Hungary, Scandinavia and the Baltic States.
The energy ministers of the twenty-seven will be the ones developing the “highly technical” aspects of the political agreement reached by the leaders, European Commission President Ursula von der Leyen said at a press conference, having assured that the EU has no “taboos” in the energy debate.
“Our first goal is to lower gas prices,” said Macron, highlighting the consensus to create a “dynamic and temporary price corridor for natural gas transactions” as the main measure, according to the text agreed by the twenty-seven.
If that gas price cap works, energy costs will fall “mechanically”Macron has said of an initiative that has terrified several capitals, who fear that imposing these conditions will drive out liquefied natural gas ships and the EU will not be able to replace the gas it barely reaches from Russia.
“It’s like going to a bar and telling the bartender you want to pay half for beer. It’s not going to happen. Customers can’t lower energy prices. Only diversification and competition can do that,” the Hungarian prime minister tweeted. , Viktor Orbán, during the summit.
Leaders also tasked the Commission with studying the extension to the rest of the twenty-seven of the “Iberian Mechanism” applied in Spain and Portugal, which limits the contamination of the gas shortage on the electricity market.
The third highlight of the agreed conclusions is the creation of a joint purchasing system of gas, but it will be voluntary. Only for 15% of the gas reserves (about 3.5% of the total consumption of the EU) the companies will have to submit a joint purchase proposal.
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Source: EITB
I’m Wayne Wickman, a professional journalist and author for Today Times Live. My specialty is covering global news and current events, offering readers a unique perspective on the world’s most pressing issues. I’m passionate about storytelling and helping people stay informed on the goings-on of our planet.
