Energy deal: EU leaders agree on roadmap

With energy prices threatening many EU households, leaders have to come up with a solution. Photo: Shutterstock

With energy prices threatening many EU households, leaders have to come up with a solution. Photo: Shutterstock

Heads of the 27 member states of the European Union overnight came to an agreement to keep working on managing energy prices, without giving clear indications of solutions.

After an extraordinary meeting between all EU energy ministers at the start of October, government heads convened during a summit on 20 and 21 October. 

Countries will continue working on finding solutions to the energy crisis and agreed to make joint gas purchases on top of creating a new gas price benchmark by early 2023 to better reflect market prices, Euronews reports. 

Discussions around a price cap for natural gas sales and purchases have yet to lead to a conclusion, as some countries--like Germany and France--have opposing views on the topic. The EU leaders for their agreement follow a series of EU Commission suggestions published earlier this week, like a solidarity rule between member states if gas stocks get low.

“There is a strong and unanimous commitment to act together, as Europeans, to reach three goals: lower prices, guarantee the security of supply and continue to work to reduce demand,” said president of the European Council Charles Michel.

Government leaders after announcing their roadmap then called on their ministers and the Commission to come up with concrete measures. A deadline for when these proposed solutions are to be submitted hasn’t been announced yet.