Gas Prices Are Putting Pressure on the EU

Welcome to the Brussels Edition, Bloomberg’s daily briefing on what matters most in the heart of the European Union.

Rising gas and electricity prices are rapidly climbing up the EU’s political agenda, an issue the bloc itself has few tools to control, given that energy policy remains largely in the hands of national governments. The crisis hijacked a meeting of member states on the bloc’s transition to a green economy on yesterday and is now likely to be added to the priority list when leaders assemble in Brussels for a summit on Oct. 21-22. Even the U.S. has weighed in on the topic, saying that partners had to be prepared to stand up when there are energy-producing nations who may be “manipulating” supply to benefit themselves (a thinly-veiled reference to Russia). The U.K., too, is suffering — with 1.5 million households being forced to switch suppliers after two more retailers collapsed. One thing’s for sure though, the crisis risks turning attention away from the bloc’s landmark green policies with just a few weeks to go until crucial UN climate talks in Glasgow.