EU Countries Reached Preliminary Agreement On Mechanism For Joint Gas Purchases - Source

EU Countries Reached Preliminary Agreement on Mechanism for Joint Gas Purchases - Source

BRUSSELS (UrduPoint News / Sputnik - 24th November, 2022) At an extraordinary meeting on Thursday, the energy ministers of the EU countries reached preliminary agreement on a new mechanism for joint gas purchases to fill the region's storage facilities by the winter of 2023/2024, a source in the EU told reporters.

Their next meeting to approve it, as well as to agree on restrictions on gas prices in the union, may be heldon December 13, he added.

The new scheme for joint purchases of gas for the EU is part of the proposals of the European Commission for more solidarity in EU energy sector.

The market adjustment mechanism, also proposed by the commission for ministerial approval, involves limiting excessive price volatility on the index of the largest European hub TTF.