EU leaders participating in a two-day summit concluding today have agreed to ask the European Commission to examine the possible implementation of a cap on energy prices for a short period of time.

Brussels, facing the challenge of needing to find a solution that could contain energy prices, has received a proposal for energy price caps in a summit summary.

This is an encouraging step, but it remains to be seen if such a measure will be implemented. The Greek government has been pushing for an energy market price cap.

A summary of a preceding EU summit in March had included a paragraph proposing the introduction of a price cap in the wholesale natural gas market, but no specific decisions have so far been taken by the European Commission.

At the time, the European Commission had indicated it would present specific proposals within May.

The latest summit summary also reiterates the EU’s aim to end its reliance on Russian fossil fuels as soon as possible.

The European leaders, in their summit summary, have also requested the European Commission to seek ways to contain rising energy prices; establish an EU foreign strategy for energy; and highlight the importance of domestic energy sources for security and supply.