EU leaders back measures to ease energy price pressures — Anadolu Agency

European Union leaders at the European Council summit in Brussels, Belgium, on October 15 discussed measures to ease pressure from rising energy prices ahead of winter. They supported initiatives proposed by the European Commission while also considering additional steps to reduce the burden on households, businesses and the EU economy. Anadolu Agency reports.

Risks to oil and gas prices

Summit participants expressed concern about the impact of the unstable situation in the Middle East on oil and gas prices. According to an official, higher energy prices are already directly affecting European households and companies.

The leaders also warned that pressure on energy prices could intensify in winter. They therefore stressed the need for short-term measures to mitigate the immediate effect of price spikes.

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Review of the ETS and electricity market

A separate topic was the ongoing review of the EU Emissions Trading System (ETS). The heads of state and government outlined their expectations regarding the ongoing legislative negotiations. Discussions on the ETS began before the current volatility in energy prices, but events in the Middle East have given it added relevance.

Some leaders also raised the need to examine the design of the EU electricity market as part of broader efforts to reduce price pressure. European Council President António Costa proposed several changes to the draft final conclusions of the summit after the discussion.