The European Council has called the Council of the European Union and the European Commission to submit decisions on a voluntary joint purchasing of gas, a temporary dynamic price corridor on natural gas transactions to immediately limit episodes of excessive gas prices, and a temporary EU framework to cap the price of gas in electricity generation. In addition, the European Council has invited the Commission to speed up work on the structural reform of the electricity market.
Earlier in October 2022, the European Commission proposed a new emergency regulation to address high gas prices in the EU and ensure security of supply this winter. The proposal comprises joint gas purchasing, price limiting mechanisms on the TTF gas exchange, new measures on transparent infrastructure use and solidarity between Member States, and continuous efforts to reduce gas demand.