European Council: Utilize the “toolbox” to relieve consumers of energy prices

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The European Council called on 27 EU Member States and the European Commission to make urgent use of the so-called toolbox to provide short-term relief to citizens due to the recent increase in energy prices, states the text of its conclusions Summit.

It is pointed out, as reported by AMPE, that the European Council examined the recent rise in energy prices and the impact of price increases on citizens and businesses, especially vulnerable citizens and small and medium-sized enterprises, trying to recover from the pandemic. of the new coronavirus.

The so-called toolbox contains useful measures, short-term and longer-term.

The European Council calls on:

  • The European Commission to study the functioning of the gas and electricity markets, as well as the market in the EU Emissions Trading Scheme (ETS), with the assistance of the European Securities and Markets Authority (ESMA). The Commission will then assess whether certain trade practices require further regulatory action.
  • The Member States and the Commission should make the best possible use of the toolkit to provide short-term relief to the most vulnerable consumers and to support European businesses, taking into account the diversity and specificity of the Member States’ situations.
  • The European Commission and the European Council to consider immediate medium- and long-term measures that will help provide affordable energy to households and companies, increase the resilience of the EU energy system and the internal energy market, ensure security of supply and support the transition to climate neutrality, taking into account the diversity and particular characteristics of the situation in each Member State.
  • The European Investment Bank (EIB) to consider how to accelerate investment in the energy transition, utilizing its current capital, in order to reduce future downside risks and meet Europe’s global ambitions for connectivity.
  • The Extraordinary Council of Energy Ministers of October 26, 2021 to immediately promote these actions.

The The European Council will monitor the situation and return in December, the text ends.

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