Energy ministers from the European Union (EU) met informally to discuss ways to lower gas costs, how to prepare for the winter energy crisis, and potential changes to the electricity market.
According to a statement made by the Czech EU Presidency following the meeting, discussions on Wednesday were intended to establish the European Commission's legislative proposals on joint gas purchases and possible price capping.
"In the first part of the meeting, we focused on the issue of high gas prices and the search for a quick (...) effective solution. The discussion on this topic is not easy, each country has different conditions, different rules, different interests, but is crucial because we must mitigate the economic impacts, " Jozef Sikela, the minister of industry and trade for the Czech Republic.
"I expect the European Commission will take this discussion into account during the preparation of the legislative proposal on this issue. It should be published by the Commission next week, and I believe that we will be able to discuss it at the formal Energy Council on October 25 in Luxembourg," said he.
The proposal's key components should be a functional platform for joint gas purchases, increased transparency for the Title Transfer Facility (TTF) pricing index, and improved resistance to speculative activity.
In order to combat rising costs, joint purchases would enable the 27-member bloc to obtain more favourable natural gas bulk pricing. Smaller count would benefit significantly from this.