What has been decided in the European Council and what has not. Actions by EU leaders to reduce dependence on Russian gas and tackle rising costs
By: VirgilioNotizie | Published on: 03/26/2022 08:15
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the European Council ended with an important decision: the European Union will provide for the creation of a common storage facilityjoint gas purchase. This is the key decision by EU leaders gathered in Brussels after the NATO and G7 summits to war in Ukraine and the consequences energy crisis faced by the EU countries.
EU Council: Green light for joint gas purchasing
At the end of a long day of work at the European Council, EU leaders have reached an important agreement: the countries of the European Union will proceed with thejoint and voluntary purchase of gasto assert their strategic and political weight in the markets. The EU Commission should promote joint gas purchasing.
“If we look at the gas pipeline market, 75% of the global gas market is European, so we have very strong purchasing power. We have to use those our bargaining power are not in competition with each other, but unite our demands,” said the President of the EU Commission Ursula von der Leyen.
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Agreement also about the gas storage: With a view to the coming winter, the 27 EU countries will replenish their joint gas reserves and must also “create the necessary solidarity and compensation mechanisms”, as stated in the summit’s final document.
EU Council: More liquid gas from the USA
The EU Council also discussed how emissions can be reduced European dependence on Russian gas and how to deal with the onslaught of energy prices. In addition to joint gas purchasing, an important agreement was reached between the European Union and the United States on the first point.
The heads of state and government of the G7 countries at a meeting in Brussels
The President of the European Commission Ursula von der Leyen and the President of the United States Joe Biden During a visit to Europe these days, they announced an agreement that strengthens that Deliveries of liquefied natural gas (Lng) American.
The EU will import from Washington this year 15 billion cubic meters more liquefied natural gas. The agreement aims to reach at least 50 billion per year by 2030, which is a third of current gas flows from Russia.
However, obtaining liquefied natural gas requires proper structures to convert it back to its gaseous state. Italy, as the Prime Minister said dragonHe prepares himself: “The order that was given to Cingolani and sent to Snam the day before yesterday is to buy two more regasifier. They are floating ships and not on the ground, which would take more time.”
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EU Council: What has not yet been decided
From the agreements reached to those not reached, the EU Council actually ended without an agreement on the agreements cap on gas prices and on the reform of the electricity market with the decoupling between the cost of gas and electricity consumers find on their bills.
EU countries remain at odds over solutions to counteract the rise in gas prices. Some led by Germany and Holland they are opposed to separating the price of gas from the price of electricity.
At the end of the summit the Chancellor Olaf Scholz “Germany and other countries are skeptical about interventions in the energy market because supply is at risk and prices are not being influenced in the long term,” he said.
The heads of state and government of the 27 have therefore given the EU Commission a mandate to examine the options already on the table, e.g submit new proposals in May.
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Photo source: ANSA