Brussels, October 18. Strasbourg, France: The European Commission proposed on the 18th new emergency measures such as joint purchase of natural gas, implementation of a price cap on European natural gas benchmark prices, and coordination of energy supply of EU member states to deal with High gas prices in the EU will ensure energy supply security this winter.
Under the new measures, the EU will consolidate natural gas import needs and jointly purchase gas to reduce the risk of member states bidding against each other in the global market; establish a new LNG price benchmark by March 2023 and propose price corrections in the short term Mechanism to implement dynamic price limits on natural gas transactions in the Dutch ownership transfer center to prevent extreme price fluctuations in the derivatives market; to help member countries obtain natural gas from other countries in emergency situations.
European Commission President von der Leyen said at a press conference held on the same day that the EU needs to prepare for the coming winter, fill up gas storage, save energy, and find new suppliers, and must also speed up on renewable energy. Investment in energy and infrastructure.
European Commissioner for Financial Affairs Maried McGuinness said these measures are of great significance to energy operators and the energy derivatives market, and are conducive to the stability of the financial system.
These measures still need to be approved by EU countries. EU leaders will have further discussions on these measures at a summit on the 20th and 21st.