|Author (Corporate)||Council of the European Union|
|Series Title||Official Journal of the European Union|
|Series Details||L 335, Pages 1-35|
|Content Type||Legislation, News, Policy-making|
Regulation (EU) 2022/2576 - formally adopted by the Council of the European Union on 19 December 2022 - addressing high gas prices in the European Union (EU) and ensuring security of supply in the winter.
Russia's invasion of Ukraine and the weaponisation of energy greatly exacerbated a crisis in the energy markets across the European Union. This crisis caused a sharp rise in energy prices and compromised the security of energy supply.
In May 2022, the European Commission adopted its REPowerEU strategy aimed at bringing dependence on Russian gas to an end as soon as possible. EU Member States have since then asked for the creation of an EU Energy Platform, with a view to ensuring security of supply. This Platform should support, in a spirit of solidarity, Member States and Energy Community Contracting Parties and their gas undertakings in obtaining additional supplies of LNG and pipeline gas to replace missing Russian gas supplies.
Further measures were set out by the Commission in July 2022, but the situation is still deemed extremely challenging at the onset of winter. In this context, the draft law aims to work, in a coherent manner, towards lowering prices and reinforcing solidarity and security of supply. The initiative contains the following elements:
The draft Regulation was adopted by the European Commission on 18 October 2022 alongside a Communication bringing context to the emergency measures. A political agreement on the content of this file was reached in the Council of the European Union on 24 November, but disagreement remained on a parallel proposal relating to a cap on gas prices. Full endorsement of the draft Council Regulation took place on 19 December 2022. The Act was published in the Official Journal on 29 December 2022.
|Subject Tags||Energy Infrastructure, Energy Markets|
|International Organisations||European Union [EU]|