As it works to address the energy issue, the European Commission, which is currently the executive branch of the European Union, is hastily putting together a number of potential proposals for restricting the price of natural gas, according to a Friday report by Bloomberg News.
A source with knowledge of the situation was quoted by Bloomberg as saying: “The goal is to finish a proposal before the summit gathering of the leaders of the bloc in barely two weeks in Brussels.”
Following the summit of European leaders in Prague, a broad consensus on solutions to the problem of rising energy prices emerged.
A number of EU nations have emphasised the urgency of taking action before each nation starts to act independently, endangering the solidarity of the bloc.
Due to the absence of consensus on gas price restrictions among the leaders of the bloc, European Commission President Ursula von der Leyen stated on Friday that she would use a letter she issued to leaders before the conference as a roadmap for recommendations.
Options include negotiating “reasonable rates” with reliable providers, lowering prices overall in the market, and minimising the effect of gas on electricity prices.
The idea of gas price caps was first forth by von der Leyen in March of last year. It took seven months for the issue to be hotly debated, and it is still unclear how a radical emergency might happen. However, von der Leyen promised that those recommendations will be developed in the upcoming weeks.
By the end of October, the European Union hopes to have a gas price cap in place.
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