The EU has adopted new emergency interventions in the energy sector to accelerate renewable energy and curb gas prices
Title: The EU has adopted new emergency interventions in the energy sector to accelerate renewable energy and curb gas prices
Jurisdiction: European Union
Authors: Johan Weihe, Agnete Nordentoft and Maria Kragelund Axelsen
Law firm: Bech-Bruun
Faster permit-granting processes for the installation of renewable energy and a curb on the price of gas on the TTF gas exchange are some of the measures adopted by the EU ministers of energy at the extraordinary Energy Council meeting on 19 December 2022.
The top item on the agenda at the Energy Council meeting on 19 December was to reach a compromise on a gas price cap (a price correction mechanism). The Council managed to reach agreement, and with that item resolved, the Council was able to also formally adopt two new emergency regulations; a regulation designed to accelerate the deployment of renewable energy and a regulation on joint purchasing of gas in the EU.
The three new emergency regulations contain temporary, extraordinary interventions in the energy market the object of which is to manage the high energy prices and safeguard the reliability of supply in the EU. The regulations have all been processed according to Article 122(1) of the TFEU under which the Council may with a qualified majority adopt measures bypassing the European Parliament in emergency situations in the energy area.