European Union (EU) Countries Move for Joint Gas Purchases

European Union (EU) member states agreed on joint gas purchases. No agreement was reached on the introduction of a ceiling price on rising natural gas prices.

The energy ministers of the European Union (EU) member states gathered in Prague, hosted by the Czech Republic, which is the term president. Making statements after the meeting, Czech Minister of Industry and Trade Jozef Sikela said, "We are focused on high gas prices. We need a quick and effective solution. This is not an easy issue. Each country has different ideas, different conditions, different rules and different interests." "Energy has become the number one issue in the EU" Czech Minister of Industry and Trade Sikela said that during the recorded meeting they discussed sensitive issues such as regulations and prices for the electricity and gas markets. Referring to the developments in the energy market, Sikela added: "There is a general agreement among ministers that we should move forward with common gas supply by 2023." Sikela said that the EU Commission will announce new regulatory proposals on this issue next week. "I firmly believe that today's meeting helped bridge the gap between member states and that we are moving towards a common solution," Sikela said, adding that they also discussed the functioning of the electricity market and how it could be designed.

Ceiling on gas prices

EU Commissioner for Energy Kadri Simson stated that they have not yet made a decision on the ceiling price for gas used in electricity generation. "We will see at the end of the week how we will proceed on the issue of applying a ceiling price on gas in electricity generation," said Kadri Simson, noting that he will announce a package of new proposals in the field of energy on October 18. "We will present a proposal to facilitate joint gas purchases," Simson said. https://twitter.com/BloombergHT/status/1580288984671956993 Follow Global Economic Developments on Social Media! Click here to follow Ieconomy official Facebook account! Click here to follow Ieconomy official Instagram account! Click here to follow Ieconomy official Twitter account!