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On Wednesday, the energy ministers of the European Union will gather in Prague to discuss how to combat the rising cost of energy.
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After Germany came under fire for unveiling a gas subsidy plan worth up to 200 billion euros (194.2 billion dollars), calls for an EU-wide solution increased, although there are significant differences among member states in terms of how to cap prices.
The strategies put forth include pooling gas purchases to lower costs, controlling the price of Russian gas imports, restricting the price of gas transactions within the bloc, and capping the cost of gas used to generate power.
Germany wants to move forward with joint purchasing but continues to be skeptical of policies that directly affect gas prices.
Other nations are requesting caps, such as France, Belgium, and Italy.
In order to reduce prices for consumers and businesses, Spain and Portugal currently subsidize the cost of the gas used to generate power, a policy that is gaining support from other EU members.
Energy ministers are also anticipated to talk about how to finance a gas price increase for the entire EU as well as how to overhaul the electricity market.
Some nations wish to emulate the COVID-19 model, in which EU members gave shared guarantees for national loans or took on joint debt.
At a summit scheduled for next week in Brussels, EU leaders are anticipated to debate funding in more detail.
