A high-ranking EU official has revealed that the European Commission is deliberating on prolonging the emergency energy measures implemented last year as a response to Europe’s gas crisis. The primary motivation behind this consideration is to safeguard against potential future price surges and expedite the development of renewable energy.
Previously, Russia, which was Europe’s primary source of gas, drastically reduced its supply last year, causing the continent to experience an energy crisis marked by unprecedentedly high prices and significantly increasing inflation.
In reaction to this crisis, the European Union implemented a variety of strategies to manage the situation. These included a cap on gas prices, expediting the authorization process for renewable energy projects, and introducing “solidarity” regulations to ensure mutual sharing of fuel among member countries during times of scarcity.
However, these measures are nearing their expiration period, and the Commission is considering a proposition to extend them for another year.
An anonymous high-ranking EU official shared with Reuters that, “Our analysis has indicated that extending these regimes into the following year would be justified. Doing so will allow us to continue benefiting from the protection they offer against any potential price increases in the market.”
The Commission intends to propose this extension following the EU’s agreement on new gas market regulations. The negotiations on these regulations are expected to conclude this month, but could extend into December if the member countries and lawmakers encounter difficulties reaching a consensus.
