• European Union to discuss energy at March 24-25 summit
• EU Commission to draft options to limit energy price spikes

Ewa Krukowska and Alberto Nardelli, Bloomberg News

BRUSSELS /LONDON
energiesNet.com 03 16 2022

European Union leaders will next week pledge action to replenish the bloc’s depleted gas reserves before next winter as a supply crunch and the Russian invasion of Ukraine push prices to records.

“Refilling of gas storage across the Union should start now,” EU heads of government plan to say in a political statement after their March 24-25 summit in Brussels, according to a draft seen by Bloomberg News on Tuesday.

The war has forced the 27-nation EU to redefine its energy policy and seek a faster reduction of its dependence on Russia, the bloc’s biggest energy supplier. The European Commission last week outlined a plan to replace nearly two-thirds of Russian gas imports this year and is looking to phase out dependence on all fossil fuels from Moscow by 2027.

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The EU leaders will pledge to urgently coordinate, together with the commission, measures necessary to ensure adequate levels of gas storage before the next heating season, according to the draft. They will also vow to act on the planned proposals by the EU’s executive arm to bolster the EU rules on gas reserves.

Another key issue at the summit will be surging energy prices. The leaders are seeking tools to alleviate the impact of the crisis on consumers and companies, already reeling from their rising bills. The commission is due to present at the gathering options for emergency measures to limit the contagion effect of gas costs in electricity prices, including temporary price limits. 

bloomberg.com 03 15 2022