Leaders acknowledged the need for short-term measures to address the immediate impact of sharp increases in energy prices during the discussion on energy prices that took place at noon on Thursday, according to a European official who briefed the press. According to the briefing, the leaders supported the measures proposed by the Commission.
According to the official, the leaders reached a common understanding regarding the significant impact that the unstable situation in the Middle East is having on oil and natural gas prices. They concluded that this directly affects households, businesses, and the European economy, and that the coming winter will also exert additional pressure.
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Furthermore, according to the leaders, the EU’s long-term goals remain unchanged: energy transition and strategic autonomy, while also highlighting the need to diversify and develop domestic energy sources.
As for the subject of the discussion, it concerned the nature of short-term measures, beyond those proposed by the European Commission, as well as the ongoing review of the Emissions Trading System (ETS). While this is not a new discussion, it is noted that the current situation lends it new and urgent significance. In addition, the leaders shared their expectations regarding the ongoing legislative negotiations.
A number of leaders, including Austria according to information from KYPE, emphasized the need to review the design of the electricity market.
In light of the discussions, the President of the European Council proposed a series of adjustments to the EU conclusions, which the leaders are expected to revisit after the discussion on global macroeconomic imbalances and China.
Source: CNA
