The summit concluded with a demand for the EU executive to urgently submit concrete decisions on additional measures to mitigate the effects of the energy crisis on EU citizens and business, while the Russian assault on Ukraine continues in earnest.

The aim of a ‘temporary dynamic price corridor on natural gas transactions’ would be to limit price spikes and put a price cap on gas used to generate electricity. This move should include a ‘cost and benefit analysis’ for ‘a temporary EU framework to cap the price of gas in electricity generation’, reflecting some vocal country concerns that it could boost gas use or divert electricity exports to non-EU countries like Britain that do not have the cap.

The latest initiative broadly reflects EC plans outlined a few days before for a ‘dynamic price limit’ on gas traded in the EU, involving joint purchasing for at least 15% of EU gas storages, and a default solidarity mechanism for EU member states to share gas in cases of emergency.

EC President Ursula von der Leyen told a press briefing: ‘We do now have a very good and solid roadmap to keep on working on the topic of energy prices’.  

Further measures are being discussed this week, providing guidance for the EC to follow up with concrete legislative proposals in coming weeks – to the relief of many (but not all) EU member states.  

Germany leads a small camp that has so far resisted calls from 15 countries to cap gas prices. German Chancellor Olaf Scholz had warned that the gas price cap would risk suppliers freezing Europe out, and reduce incentives for energy saving. Former Italian Prime Minister Mario Draghi had reputedly complained that: ‘We are asked to show solidarity in sharing energy but there is no solidarity on our calls for containing prices.’