European Council agrees on measures to reduce energy prices

In the field of energy, the EU presidents and prime ministers agreed in particular on voluntary joint gas purchases, an instrument to introduce a temporary cap on the gas price or a change in the functioning of the gas market to better reflect the current LNG supply possibilities.

"It was not easy to reach a suitable compromise. In the end, it was achieved and I consider it a success from the point of view of the Czech Presidency. We have managed to push through the key instruments that we had been advocating, be it price capping, responses to price spikes, joint gas purchases and other measures that are important for taming energy prices in Europe. I am very satisfied with the result," said Czech Prime Minister Petr Fiala.

In the coming weeks, energy ministers will work intensively on the proposals put forward by the European Commission. They will meet for the first time next week on Tuesday. The aim is to reach an agreement in November.

"We also gave the European Commission the task of working on a proposal to cap the price of gas for electricity production. The Commission will present a detailed impact analysis. This should allow us to move towards the implementation of this measure, which can also directly contribute to reducing the price of electricity," the Czech Prime Minister added.

The leaders also reaffirmed their determination to continue supporting Ukraine in its fight against Russian aggression. They were addressed by Ukrainian President Volodymyr Zelensky via videoconference from Kiev, which continues to be hit by Russian missiles. "The Czech Presidency will actively advance the debate on setting up long-term and predictable support for Ukraine in order to guarantee the basic functions of the Ukrainian state during the war," the Prime Minister said. Another topic of the meeting was the future of relations with China.

The European Council was preceded by a tripartite social summit

The day before the European Council on 19 October 2022, a tripartite social summit was held in Brussels. EU leaders discussed with trade union and employer representatives the impact of high energy prices on households and businesses and the search for ways and tools to help them. Gas price capping and other proposals were also discussed at this meeting and subsequently addressed at the European Council.

"At the present time, which is influenced by the Russian aggression in Ukraine and the associated rise in prices, it shows how important it is to maintain social peace not only in individual Member States, but throughout the EU. Therefore, we must work on such measures in the EU institutions and in individual Member States, and take decisions that will not have negative impacts on citizens, companies, or health and social systems," said Czech Prime Minister Petr Fiala, who attended the meeting together with Czech Minister of Labour and Social Affairs Marian Jurečka.

"Energy poverty is becoming a threat not only to the most vulnerable groups but also to the middle class. We are intensively monitoring the situation of households and companies. That is why this summit is an extremely important meeting that allows us to discuss with European social partners. I stressed that we need to find common solutions across the EU so that helping European businesses and citizens does not become a battle of national budgets," said Minister Jurečka.