EU proposes new emergency measures to deal with soaring gas prices

Latest News: France Strasbourg News: The European Commission proposed on the 18th new emergency measures such as joint purchase of natural gas, implementation of a price limit mechanism on the European natural gas benchmark price, and coordination of the energy supply of EU member states. In response to the high gas prices in the EU, ensure the security of energy supply this winter.

Under the new measures, the EU will consolidate natural gas import requirements 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 restrictions on natural gas transactions in the Dutch ownership transfer center to prevent extreme price fluctuations in the derivatives market; in emergency situations, to help member countries obtain natural gas from other countries.

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 further discuss these measures at a summit on the 20th and 21st.