EU to Study Joint Natural Gas Buying to Protect Against Price Surges

European electricity and gas prices have rocketed this year as tight gas supplies have collided with strong demand in economies recovering from the COVID-19 pandemic.

Kate Abnett, Reuters

The European Union will look into an option for member states to jointly buy natural gas as the bloc considers ways to protect itself against surging energy prices, according to a draft document seen by Reuters.

The European Commission will this week publish a "toolbox" of measures that European Union countries can take to respond to soaring energy prices, in response to calls from some counties for an EU response to record-high gas and electricity prices.

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