Gas crisis: Europe wonders why gas prices increase

France, Spain, Greece, Czech Republic and Romania called on Brussels to take immediate measures to soften the blow from skyrocketing gas prices and to investigate the cause of this, Ekonomichna Pravda reports.

Finance ministers issued a joint statement asking them to develop a set of tools to “immediately respond to a sharp rise in price.”

They called for an investigation across the gas market, and also said the bloc must coordinate purchases to "increase our negotiation power." Also, according to the ministers, the European Union should revise the electricity markets.

The spike in prices is making governments hope for mild weather and spending more and more public money to dampen the impact on consumers.

The crisis also poses a risk to European policymakers' plans to move the EU towards cleaner energy.

The European Commission is due to publish next week a set of measures that national governments can take to mitigate the impact of high prices. It will provide guidance on how to design emergency responses to ensure they comply with EU legislation and do not undermine the world's dominant clean energy transition.

Tags: Gazprom, legislation, gas imports, UGSF, RF, heating season, Gas market, price, gas supplies, natural gas, crisis, Europe

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