Germany, Netherlands Push ‘No-Regret’ Energy Cost Cut Plan
- Measures include immediate EU joint gas purchases, demand cuts
- Countries open door to careful electricity market overhaul
A natural gas power plant in Brandenburg, Germany.
Photographer: Krisztian Bocsi/BloombergGermany and the Netherlands will put forward a multi-pronged approach to help bring down energy costs in the European Union, keeping open the possibility of capping gas prices in electricity generation ahead of a meeting of ministers in Prague.
The two countries are set to peddle a 10-point plan that focuses on the joint purchase of gas to stop individual countries from outbidding each other on the markets, according to a document seen by Bloomberg that will form the basis of their position at talks between energy ministers Wednesday. Such a measure should be operationalized “immediately,” while member states should also make sure their filling of gas storages next year is coordinated to stop prices shooting higher.