10/18/2022, 4:01 PM (Source: TeleTrader)
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EC unveils new proposals to tackle energy crisis

European Commission President Ursula von der Leyen announced on Tuesday a number of proposals aimed at mitigating the ongoing energy crisis in the European Union. She said the Commission will table legal tools for pooling energy demand at the European level, with "aggregation of demand mandatory for at least 15% of the volumes that are needed to fill the storage."

In addition, the Commission is proposing default rules on solidarity that will apply in case of emergency where there are no bilateral solidarity agreements. Von der Leyen also confirmed a complementary benchmark to the TTF for liquefied natural gas for the next filling season. In the meantime, the Commission is putting in place a mechanism "to limit excessive gas prices if needed." She added gas storage in the EU has reached 92% and the Russian share of gas supply is down to 9%, a decrease of two-thirds compared to last year.

Baha Breaking News (BBN) / DJ