While policymakers, suppliers and energy customers feel the pain of the rising cost of energy, Europe is reportedly examining measures that could prioritise joint gas buying.

The European Commission has scheduled a summit where countries’ heads will discuss their response to the soaring energy prices.

In a document seen by Reuters, it is stated that the EU’s independent executive arm will propose a system for all EU members will voluntarily jointly buy gas.

The purpose of that strategy would reportedly be to form strategic reserves on which counties could rely during periods of energy crisis.

It said: “The proposals will include an enabling framework for the joint procurement of gas strategic stocks by regulated entities on a voluntary basis.”

The document added: “Member states, through joint cooperation at regional level should be able to rely on storage in other countries in case of needs.”

Analysts suggest that Russia’s inactive Nord Stream 2 pipeline and cooler weather forecast through the end of December made European gas and power prices jump – Germany and France are already seeing record prices.