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Sunday, May 29, 2022

The summit of the European Council in Brussels – the European Commission is to investigate the gas and electricity market

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At the Bruskeli European Council, heads of state agreed on conclusions on energy prices. EU leaders want the European Commission to investigate the operation of the gas and electricity market and the EU Emissions Trading System (ETS).

“The European Council asks the European Commission to investigate the functioning of the gas and electricity market, as well as the EU ETS market. (…) The Commission will then assess whether certain commercial behavior requires regulatory action,” we read in an excerpt from the summit conclusions.


Energy prices in the European Union

In addition, the summit participants called on the Member States and the European Commission to take measures that will bring relief to households most at risk of rising energy prices and to European enterprises, taking into account the situation in each Member State.

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The energy system and market in the European Union

EU leaders also want the Commission and the Council of the EU to develop a series of measures that will help ensure affordable energy prices for European consumers and businesses in the medium term, strengthen the resilience of the energy system and market, guarantee security of supply and support the energy transition.

Increase in energy prices. Proposals of the European Commission

Last week The European Commission has proposed providing support to consumers and businesses particularly affected by price increases in the form of special vouchers or partial payment of bills, which could be financed by the EU Emissions Trading System (EU ETS).

Other proposed solutions were: temporary deferral of bill payments, introduction of safeguards to avoid disconnection from the grid, temporary targeted tax cuts for vulnerable households, providing aid to businesses or industries in line with EU state aid rules.

Main photo source: Shutterstock

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