EU Set To Outline Energy Price 'Toolbox' At 1200CET

Later today at 1200CET (0600ET, 1100BST), Energy Commissioner Kadri Simson is set to outline the European Commission's so-called 'energy toolbox' to assist member states (MS) dealing with soaring energy prices amid a crunch in gas supplies. There has been significant focus on what the Commission could do to ease pressure on MS' and consumers, but expectations are that at this stage the Commission is more likely to remind MS' of their already-available options rather than launch a major new relief scheme.

• Politico reports that in the short term MS' will be reminded of the ability to subsidise failing energy companies and cut taxes in order to prop firms up without breaching EU state aid rules while vouchers created using the Emissions Trading System can be used to assist low-income households struggling with energy bills.
• The more important focus comes when or if Simson talks about the Commission's options over the coming months, with the potential for the EU to procure gas from Russia on a joint basis rather than at the national level, with the idea that the EU bargaining as a whole will put the bloc in a better negotiating position with Moscow.