Energy Headlines
July 15, 2016
EU leaders seek tighter oversight of Russian gas deals
European Union leaders called for more transparency in natural gas contracts with Russia and other external suppliers under the proposed energy union plan.
EU heads of government held their first talks about developing closer energy ties among the bloc’s 28 nations on Thursday in a push to increase security of supply, help the shift to low-carbon economy and reduce energy prices. They endorsed the European Commission’s proposal on energy union and focused on elements including oversight of gas deals and energy market design, according to EU President Donald Tusk.
“It was a good first discussion, and a tough discussion, about a project that has great potential,” Tusk said after the talks in Brussels. “All leaders agreed to reinforce transparency in the gas market so suppliers cannot abuse their position to break EU law and reduce our energy security.”
The challenge for leaders was to balance the need to enforce European laws on gas purchases with concerns voiced by countries including Germany over confidentiality of agreements. They agreed to a clause guaranteeing that commercially sensitive information can be kept secret, according to a political statement on the energy union today.
To increase the bargaining power of member states, EU leaders agreed to look at voluntary joint purchases of gas that would be compatible with World Trade Organization and EU competition rules. They also urged stronger cross-border gas and power links and improved energy market design to help integrate renewable energy.
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