The European Union is considering an option to jointly purchase natural gas for member states, while the bloc is considering ways to protect itself from sharp increases in energy prices, according to CNBC Arabia.
The European Commission will publish this week a toolbox for 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. On 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 proposed by governments, including Spain, in the past few weeks. /p>
The document added that countries could collectively buy gas from a strategic reserve, adding that participation would be voluntary.
Electricity and gas prices in Europe have jumped this year as tight gas supplies clash with strong demand in economies recovering from the coronavirus pandemic.
Many Member States responded with measures at the national level such as price ceilings and temporary reductions in fuel or electricity taxes.
