The European Commission will present energy proposals before the next meeting of EU leaders on October 20-21, Italian Prime Minister Mario Draghi said as he left the European Union leaders summit in Prague on Friday.
Heads of state from across Europe met in Prague to discuss how to stem the rise in energy prices caused by the Ukraine war. The European Union hopes to reach an agreement on electricity market reform within two weeks to mitigate the impact of gas prices on power generation systems.
European proposals include caps on gas prices, backed by most EU countries, but have met with opposition from Denmark, Germany and the Netherlands, which fear it will make it difficult to buy the gas their economies need and curb any incentive to cut consumption.
“We are determined to mobilize our resources to reduce energy prices and we are working to boost stocks,” European Council President Charles Michel said in a press conference after the conclusion of the European summit.
He added: “We are continuing to reduce the consumption of energy resources from Russia, which used energy as a weapon against Europe.”
While the President of the European Commission, Ursula von der Leyen, stressed that Europe is better prepared for the upcoming winter, and said, “We worked to diversify energy sources and reduce dependence on Russia.”
In turn, the Spanish energy minister said that European leaders meeting in Prague had come close to unanimity on the EU’s gas pricing system, which would create an alternative to the current standard and effectively limit prices.
German Chancellor Olaf Scholz said that everyone agreed that gas prices are too high, and added: “We need to talk to Norway, the United States and many other countries about how to reduce prices.”
As for the price ceiling, GasIt’s important that prices come down, Schultz said, and “we’ll only be able to tackle this problem together.”
The German chancellor stressed that the Prague meetings send a clear signal that the countries of Europe are firmly on the side of Ukraine, considering that Putin seeks to divide Europe, but the matter has turned against him.