The European Union has proposed new emergency measures to deal with soaring natural gas prices

Strasbourg, France: The European Commission proposed new emergency measures such as joint purchase of natural gas, implementation of a price limit mechanism for European natural gas benchmark prices, and coordination of energy supply in EU member states on the 18th to cope with high EU natural gas prices and ensure the security of
energy supply this winter.

Under the new measures, the EU will consolidate gas import demand and jointly purchase gas to reduce the risk of member states bidding against each other in the global market; Establish a new LNG price benchmark by March 2023 and propose a price correction mechanism in the short term to impose dynamic price limits on gas transactions at the Dutch Ownership Transfer Centre to prevent extreme price volatility in the derivatives market; In case of emergency, help member states obtain natural gas
from other countries.

European Commission President Ursula von der Leyen said at a press conference on the same day that the EU needs to prepare for the coming winter, fill gas storage, save energy, and find new suppliers, while also accelerating investment
in renewable energy and infrastructure.

Maride McGuinness, commissioner for financial affairs at the European Commission, said the measures are of great significance for energy operators and the energy derivatives market, and are conducive to maintaining the stability
of the financial system.

These measures still need to be approved
by EU countries.
EU leaders will discuss these measures further at
a summit on the 20th-21st.