The European Commission intends to strengthen surveillance of local gas and coal markets to put an end to energy market speculation, the commission's president, Ursula von der Leyen, said on Wednesday
BRUSSELS (Pakistan Point News / Sputnik - 20th October, 2021) The European Commission intends to strengthen surveillance of local gas and coal markets to put an end to energy market speculation, the commission's president, Ursula von der Leyen, said on Wednesday.
The European Union has faced a significant increase in gas prices, which has also led to rising costs of electricity. In early August, the estimated price of the nearest futures contract on the Dutch Title Transfer Facility index was about $515 per thousand cubic meters, and by the end of September there was a more than twofold increase.
"We have to put an end to the energy market speculation, that's why we are going to strengthen the surveillance of gas and energy markets", von der Leyen said at a plenary session of the European Parliament.
"The organization of electricity markets has provided good results, however at the moment gas prices are pushing electricity prices upwards. That's why we ask the European Union Agency for the Cooperation of Energy Regulators (ACER) to carry out an instant assessment of the system in light of the current situation between now and November," the commission president said.
The commission president mentioned that the EU is actively contacting foreign providers, with Norway promising to provide more supplies.
Von der Leyen also suggested the EU should speed up investment in renewable energy, which would serve as "an insurance policy against increasing prices" and help break the dependence on traditional energy sources.