Joint purchase of gas for all EU nations, expanding gas inventories and possibly introducing a cap of electricity prices.

These are some of the avenues EU nations could pursue to control high energy prices affecting households and damaging European companies' competitiveness.

Specifically, the European Commission is drawing up a proposal for joint gas purchase, which is expected to be presented Wednesday, notes EU Commissioner Maros Sefcovic at a press conference Wednesday.

"There is also support for common purchase of gas among member nations, so I expect that this would also be endorsed by the heads of states and government," says Sefcovic:

"The EU should use its huge economic weight to ensure supply and gas prices."

The presentation of the European Commission's proposal for joint purchase of gas is therefore expected to take place the day before EU heads of state and government convene in Brussels.

EU nations have also kicked off the difficult discussion on whether to impose cap on energy prices, particularly on electricity, in the context of high energy prices having an impact on both European companies and residents.

French Minister of European Affairs Clément Beaune notes:

"We have an ongoing discussion on price ceilings on electricity, which, to be perfectly honest, is difficult."

The expectation is that EU leader at the summit will agree on a text that is able to at least shed light on part of the way towards ensuring prices and supplying energy to the EU. However, especially the question on price caps could prove challenging.

Italy, Spain, Portugal and Greece have given notice of a joint proposal for price caps on energy. It is expected to gain support from Poland, while French President Emmanuel Macron has previously spoken in favor setting a ceiling on the cost of electricity.

Conversely, Germany and the Netherlands have warned other EU nations that a price cap would risk affecting supply security because it might prompt suppliers to try and sell to other nations beyond EU member states.

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