Gas supplies – Photo EC
(BRUSSELS) – EU energy ministers reached a political agreement Tuesday to extend the period of application of three emergency Council regulations helping to protect EU citizens from excessively high energy prices.
The actions form part of the EU’s response to the energy crisis caused by Russia’s military aggression against Ukraine and its weaponisation of gas supplies.
The first Regulation (EU) 2022/2576 improves coordination of gas purchases, with reliable price benchmarks and exchanges of gas across borders. It includes temporary emergency measures designed to bring down high energy prices and improve gas supply security. Ministers have agreed to delete article 10 on mandatory participation in demand aggregation. The regulation will be extended for another year until 31 December 2024.
The second Regulation (EU) 2022/2577 lays down a framework to accelerate the deployment of renewable energy aims to tackle the energy crisis, reduce the EU’s dependence on Russian fossil fuels and further advance the EU’s climate objectives by accelerating the permit-granting process for and the deployment of renewable energy projects. The period of application of certain amended provisions of the regulation will be extended until 30 June 2025.
Unlike the other two emergency regulations, amendments go beyond the mere extension of the period of application of the regulation.
Finally, Regulation (EU) 2022/2578 establishes a market correction mechanism to protect EU citizens and the economy against excessively high prices. A system of temporary measures is established to prevent spikes of excessively high gas prices in the EU that do not reflect prices on the world market. Tthe period of application of the regulation will be extended for one more year, until 31 January 2025.
Council regulation laying down a framework to accelerate the deployment of renewable energy
Energy prices and security of supply (background information)
