New Measures from the European Union Against High Energy Prices
Speaking after the summit in Brussels, Ursula von der Leyen announced that the methane regulation will be postponed and new measures will be taken to lower energy costs.
European Commission President Ursula von der Leyen announced after the EU Leaders' Summit in Brussels that, against high energy prices, the methane regulation will be postponed for one year, the state aid framework will be expanded, and new measures for joint energy purchasing will be implemented.
Energy Prices and Methane Regulation
European Commission President Ursula von der Leyen announced that they will postpone the implementation of the methane regulation by one year in order to mitigate the effects of high energy prices. Stating that the cost of fossil fuel imports has increased, the official noted that natural gas prices have been rising since February.
State Aid and Use of Reserves
Stating that they will extend the duration and expand the scope of the temporary state aid framework, von der Leyen announced that oil and diesel reserves will be released to the market over the next four months under the coordination of the International Energy Agency.
Joint Energy Purchasing and Refinery Policy
Saying that the existing mechanism for joint energy purchasing will be strengthened, von der Leyen conveyed that they aim for a market operator to secure the required energy resources from global markets by utilizing the EU's joint purchasing power. A strategic dialogue process will be launched to increase refinery capacity.
Emphasis on Nuclear and Renewable Energy
Stating that Europe will remain affected by external factors as long as its dependence on imported oil and natural gas continues, von der Leyen emphasized that the transition to affordable, clean, and Europe-produced energy sources must continue. The modernization of electricity grids was also stated as a necessity.
Trade with China and Imbalances
Economic relations and trade imbalances between the EU and China were also addressed at the summit. Reminding that the trade deficit with China has reached 1 billion euros per day, von der Leyen announced that existing trade defense instruments will be used to solve this structural problem.
Long-Term Budget Negotiations
Evaluating the negotiations regarding the EU's upcoming long-term budget, von der Leyen criticized the reduction of flexibilities in the budget. She stated that sufficient flexibility must be maintained in the budget in order to intervene in unforeseen developments such as pandemics, crises, and wars.