Context: The EU is separately preparing an “energy union” focused on interconnections, while discussions on energy prices are being pressured by geopolitical developments
Before the EU–United Kingdom summit on November 20, the European Commission announced that it would draw up a plan for a more integrated “Energy Union,” focused on networks, interconnections, and the European market’s joint purchasing power. President Ursula von der Leyen linked the initiative to high energy prices and dependence on imported fossil fuels, saying that a more connected market can limit exposure to fluctuations among external suppliers.
At the same time, EU leaders discussed measures to counter the rapid rise in energy prices, amid the war in Iran and its effects on the oil and gas markets. The options considered included expanding joint energy purchases and postponing certain rules on methane emissions, as well as extending state aid for affected industries.
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