Ministers Meeting On Energy; Commission Seeks To Nix 'Iberian Model'

EU member state energy ministers are currently meeting to try and finalise a deal on the proposed gas package to ensure security of supply and avoid crippling price rises this winter. Last weeks' EUCO summit failed to reach a final agreement, with ministers looking to do so today. Presser set to come after the session finishes around 1530CET (0930ET, 1430BST).

• From Politico: "The EU’s leaders agreed to look at everything from dynamic gas price caps (aka “corridors”) to uncoupling electricity prices from gas [...]In a paper that ministers will discuss today [...] the European Commission proposes a permanent fix to decouple gas from electricity prices. If ministers endorse the proposal, it would amount to the biggest reform of EU electricity markets in decades."
• Spain and Portugal pushing the so-called 'Iberian model', where low-cost energy producers (renewables, nuclear) subsidise high-cost producers (gas). This could save around EUR13bn per year according to its proponents, but Politico reports that the Commission believes its levy on surplus energy profits could raise EUR70bn.
• Iberian Model would also see the UK receive subsidised electricity though interconnectors (under Brexit TCA, the EU cannot place surcharge on this energy), while Germany's (expensive) gas-fired power would be sent to France at a low cost to ensure energy supply hit by low output at the latter's nuclear power stations. Both of these outcomes likely to prove controversial.