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The European Council recommends the Commission to study the functioning of the gas and electricity markets as well as the EU ETS market and assess whether certain commercial behavior requires further regulation. This was one of the messages from yesterday’s meeting, which discussed the issue of rising energy prices, Brussels sources say. Member states’ positions are divided: Spain, Greece, and France have called for EU-wide measures, while several countries, including Europe’s largest economy, have been reluctant to take measures that could have an impact on the market. Romania is among the countries that would like to see nuclear energy included in the EU taxonomy.
Next week, on Tuesday, EU energy ministers will discuss the issue of rising energy prices at the energy council.
The European Council recommends that the Commission study the functioning of the gas and electricity markets, as well as the EU ETS, with the help of the European Securities and Markets Authority (ESMA). The Commission will then assess whether certain commercial behavior would require additional regulatory measures. The Council recommends the Member States and the Commission to make the best urgent use of the set of measures to provide short-term relief to the most vulnerable consumers and to support European businesses, taking into account the diversity and specificities of Member States’ situations;
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The Commission and the Council should rapidly consider medium and long-term measures that contribute to affordable energy for households and businesses, increase the resilience of the EU energy system and the EU internal energy market, ensure the security of supply and support the transition to climate neutrality, taking into account the diversity and specificities of Member States’ situations.
The Council also considers that the European Investment Bank should explore ways in which investment in the energy transition can be accelerated, within its current capital margin, in order to reduce future risks of disruption and to meet Europe’s global connectivity ambitions.
Member States’ positions. Romania wants nuclear energy included in the EU taxonomy
Spain, Greece, and France have called for action at the EU level: joint purchasing of gas, the formation of a strategic gas reserve, and a review of the energy market to decouple electricity prices from gas prices. On the other hand, Germany, Luxembourg, Denmark, Finland, Sweden, Portugal, Lithuania, Latvia, Austria, and the Netherlands were reluctant to take measures that could have an impact on the market. “I think we have to react with caution,” was the message from German Chancellor Angela Merkel.
Representatives from Poland and the Czech Republic criticized the Emissions Trading Scheme (ETS), which is allegedly subject to speculation leading to higher prices.
Poland and Hungary called for the climate package proposed by the Commission in July (the “Fit for 55” package) to be revised or postponed, given the context. “Fit for 55 will be the death of the European middle class,” said Hungarian PM Viktor Orban Germany and Belgium called for a distinction to be made between the energy price issue and the “Fit for 55” package. As a result, the conclusions do not refer to climate legislation.
The Netherlands joined the ten EU countries that called on 10 October for nuclear energy to be included in the EU taxonomy (France, Romania, Czech Republic, Finland, Slovakia, Croatia, Slovenia, Bulgaria, Poland, and Hungary).
Austria’s message was that higher energy prices should not make nuclear energy attractive.
“We have asked the Commission very strongly to come up with this delegated act as soon as possible, this autumn” (to include gas and nuclear energy in the EU taxonomy), said President Klaus Iohannis.