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The European Union is considering buying gas collectively after a sharp rise in prices

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The European Union is considering buying gas collectively after a sharp rise in prices

the scientist | 12:05 - 12/10/2021
Follow up - Mwazin News


European countries are considering the option of collectively buying natural gas in order to protect the bloc from sharp increases in energy prices.

Reuters reported that it had seen a draft document, in which it stated that the union would consider an option for a joint purchase of natural gas for member states.

According to the document, countries can collectively buy gas from a strategic reserve, and the participation will be voluntary.

The European Commission is due to publish this week a "toolbox" of measures that EU countries can take to respond to the sharp rise in energy prices, in response to calls from some countries for a response from the union to record high prices for gas and electricity.

According to a draft "toolbox" document, the Commission will study the potential benefits of a joint EU purchase of natural gas, an idea that governments, including Spain, have proposed in the past few weeks.

The agency indicated that the Commission declined to comment on the draft, and said that "it may be changed before the specified date."

Electricity and gas prices in Europe have jumped this year amid a shortage of gas supplies, offset by an increase in demand from economies recovering from the Covid-19 pandemic.

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