EUCO: Summit addresses energy prices

Brussels 22.10.2021 The European Council addressed the recent spike in energy prices and considered the impact of the price rises on citizens and businesses, especially our vulnerable citizens and SMEs, striving to recover from the COVID-19 pandemic.

The toolbox presented in the Commission Communication on tackling rising energy prices contains useful measures for both the short and the longer term.

The European Council invites:

– the Commission to study the functioning of the gas and electricity markets, as well as the EU ETS market, with the help of the European Securities and Markets Authority (ESMA). Subsequently, the Commission will assess whether certain trading behaviours require further regulatory action;
– the Member States and the Commission to urgently make the best use of the toolbox to provide short-term relief to the most vulnerable consumers and to support European companies, taking into account the diversity and specificity of situations of Member States;
– the Commission and the Council to swiftly consider medium and long-term measures that would contribute to energy at a price that is affordable for households and companies, increase the resilience of the EU’s energy system and the internal energy market, provide security of supply and support the transition to climate neutrality, taking into account the diversity and specificity of situations of Member States; and

– the European Investment Bank to look into how to speed up investment in the energy transition, within its current capital headroom, with a view to reducing future disruption risks and meeting Europe’s global connectivity ambitions.The extraordinary meeting of the TTE Council (Energy) on 26 October 2021 will take this work forward immediately. The European Council will keep the situation under review and revert to it in December.

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