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EU ministers agree joint gas buying, new LNG index rules

GasPolicyLNG

24 Nov 2022 17:15

Photo: Shutterstock.com

Photo: Shutterstock.com

Brussels

24 Nov 2022 17:15

(Montel) EU energy ministers agreed new rules for joint gas buying, a new voluntary European LNG price index and intraday trading “circuit breakers” on Thursday to help reduce price volatility during the current energy crisis.

They also agreed on how to allocate gas between EU countries in the event of a severe supply shortage, as the bloc prepares for a potential full cut in Russian gas flows this winter.

Ministers plan to formally adopt these emergency gas rules without further debate at their next meeting, likely to be on 13 December.

This adoption would go “hand in hand” with reaching an agreement on the European Commission’s proposed temporary gas price cap, said Czech industry minister Jozef Sikela after Thursday’s meeting.

Ministers also agreed emergency faster permitting rules for renewables to help switch away from Russian gas more quickly.'

This included giving renewable power plants in general an “overriding public interest” status to help them benefit from potential derogations from EU environmental legislation.

Germany’s energy state secretary Sven Giegold said the emergency gas rules, coupled with expanding renewables, “will help us to achieve more favourable gas prices [and] give us more certainty for the coming winter.”

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