Europe moves to joint energy buying

Europe is working to strengthen the process of collective energy purchasing, aiming to lower prices and address the current supply crisis, which has recurred in less than five years. European Commission President Ursula von der Leyen announced that the previous system used for gas will be developed to include multiple energy sources, with the goal of pooling demand and conducting direct purchases through an operator, thereby enhancing resilience and reducing costs. This step comes amid a renewed increase in energy prices due to disruptions in oil and gas flows through the Strait of Hormuz, amid ongoing calls from European officials to curb demand and reduce reliance on short-term options to lower prices.

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