The European Commission has proposed new emergency rules to address high gas prices and security of supply.

Member states have decided that the targets could be hit by joint gas purchasing, price-limiting mechanisms on the TTF gas exchange, new measures on transparent infrastructure use and continuous efforts to reduce gas demand.

The EU Commission believes aggregating the gas demand and purchasing gas jointly could help countries negotiate better prices and reduce the risk of member states outbidding each other on the international market.

The new proposed regulation also aims to establish a dynamic price limit for natural gas transactions on the TTF gas exchange.

Ursula von der Leyen, President of the European Commission, said: “We provide legal tools for joint EU purchasing of gas, ensure solidarity in security of supply for all member states and negotiate with our reliable gas suppliers to secure gas at affordable prices.

“But we must also accelerate investment in renewables and infrastructure. Investing more and faster in the clean energy transition is our structural response to this energy crisis.”

Executive Vice-President Frans Timmermans said: “The next few winters will be tough, but today’s package helps to keep European families warm and industry going.”