For the first time, European companies will now be able to participate in joint natural gas markets through the Energy Platform European Union and the so-called mechanism CumulativeEU.

By announcing the start of this mechanism, the European Commission declares that it is part of it on the efforts made to prepare the European Union for next winter and replenish natural gas reserves in the context of EU independence. from Russian fossil fuels.

The logic behind this approach is to harness the collective power of the EU market. negotiate the best prices for natural gas with international suppliers. However, when asked about this, a source in the community said that he was not going to announce which companies are participating, as it concerns the companies themselves.

According to the Commission, registered companies have one week, until May 2, to respond to this first invitation to participate. As soon as the AggregateEU ​​mechanism responds to the collective demand in the EU, participating companies will begin negotiations with suppliers on contractual terms for procurement and supply natural gas. However, the Commission will play no role in the negotiations.

These agreements are expected before the summer, and further proposal procedures will be held on a regular basis, every two months. The ability to register with the AggregateEU ​​mechanism remains open. So for now 67 companies have registered, the rest are in the process of registration. In addition, 11 companies are ready to provide services as a central buyer or agent. Member States are committed to pooling at least 15% of their national gas storage targets, which is about 13.5 billion cubic meters of natural gas per year.

The main goal of the Commission is to limit price volatility and ensure a safe flow that will serve the needs of the EU. in the “shadow” of the ongoing war in Ukraine, with the aim of its independence from Russian natural gas.