In response to the persisting challenges posed by Russia’s war of aggression against Ukraine, the European Council has taken decisive steps to address the energy crisis and protect citizens from soaring energy prices. The Council adopted three emergency regulations designed for emergency situations, as announced in a press statement released on December 22, 2023.
Enhancing Solidarity and Gas Supply Security
Regulation (EU) 2022/2576, focused on enhancing solidarity through better coordination of gas purchases, reliable price benchmarks, and exchanges of gas across borders, was initially implemented to combat high energy prices and improve gas supply security. According to the press release, the regulation has been extended for an additional year until December 31, 2024. This aims to strengthen solidarity among member states and ensure the stability of gas supply in the European Union.
In the words of the Council, the measures aim to “bring down high energy prices and improve gas supply security.”
Accelerating the Deployment of Renewable Energy
Regulation (EU) 2022/2577, which establishes a framework to accelerate the deployment of renewable energy, seeks to address the energy crisis and reduce the EU’s dependency on Russian fossil fuels. The press statement notes that certain amended provisions of this regulation will be extended until June 30, 2025. This extension goes beyond a mere prolongation, emphasizing the commitment to advancing renewable energy projects and expediting the permit-granting process.
Market Correction Mechanism to Protect Citizens
Regulation (EU) 2022/2578, aimed at establishing a market correction mechanism to protect Union citizens and the economy against excessively high prices, was introduced to prevent spikes in gas prices that do not reflect global market conditions. The regulation, initially in effect from February 1, 2023, will now be extended for an additional year until January 31, 2025.
Council spokespersons emphasized the importance of these measures in shielding EU citizens from the economic impact of inflated gas prices.
Next Steps and Background
The press release concludes by stating that the regulations have been formally adopted and will soon be published in the EU’s Official Journal, entering into force shortly. The emergency measures were initially proposed by the Commission in November 2022 under Article 122 of the Treaty on the Functioning of the European Union.
These regulations build on a package of emergency measures adopted in December 2022 in response to the energy crisis triggered by Russia’s war of aggression against Ukraine. The political agreement reached on December 19, 2023, solidifies the Council’s commitment to addressing the ongoing challenges in the energy sector.
