EU leaders want an investigation into the functioning of the European gas and electricity market and the European Emissions Trading System (ETS).
The European Securities and Markets Authority (ESMA) will be involved in the investigation into the ETS to find out whether there is market speculation by investors, the 27 leaders in Brussels agreed.
There was a long discussion about the recently sharp rise in energy prices affecting Dutch households at the summit. Recently, the European Commission proposed a series of measures that the Member States can take to ease the pain. For example, they can temporarily lower the VAT on energy or provide financial support to citizens and companies to pay the energy bill, as the Netherlands does.
However, according to the committee, the price increase is a global and temporary phenomenon that will calm down by itself due to market forces. It, therefore, does not want to intervene in the European energy market, nor does the Netherlands. But to meet countries such as Spain who find this not nearly enough, the committee will look at whether measures can be taken in the medium and long term.
An additional meeting of EU energy ministers was scheduled on Tuesday to get started with the plans right away. Then, at a summit in December, the leaders will again discuss developments in the energy market.