Explainer: Can joint gas buying tackle Europe’s high prices?

Euractiv | Dec 14, 2021 at 8:55 AM
  • The European Union is expected to propose a system this week to allow countries to jointly buy strategic stocks of gas, a measure drawn up in response to soaring energy prices.
  • EU gas storage was roughly 68% full at the end of November, meaning the bloc would need to import 5%-10% more in a cold winter, according to a European Commission document shared with EU countries ahead of a Nov. 16 summit, seen by Reuters.
  • Low storage levels are not the only cause of high prices: Europe competes with Asia for liquefied natural gas supplies.