France's finance minister has arrived at the #Eurogroup fuming at the state of EU energy market rules calling them "unfit for purpose" after energy price rises have "become unbearable for our citizens and businesses" 
Le Maire will be teaming up with Spain's Nadia Calvino today to demand Brussels reform EU energy market rules to better regulate gas stocks and scrap a marginal pricing system so price of electricity production in each MS reflects costs for consumers ft.com/content/463d0e…
Commission's initial response - a flexibilities paper laying out what gov's can do - is unlikely to satiate French or Spanish asks. Worsening prices over winter risks poisoning Europe's fiscal and climate policy debate ft.com/content/5805c3…
"We have to react, but not overreact" says EU economy commissioner @PaoloGentiloni on whether the energy crisis can detail Europe's decarbonisation policies
**derail (!)
#Eurogroup shown this chart on how energy squeeze may ease significantly by Q2 2022, giving more grist to countries who don't want sweeping regulatory changes in response to what they see as a temporary phenomenon
🇫🇷🇪🇸 demands to revamp EU electricity pricing met with short shrift as many governments don't share the urgency. Also a non-starter for Commission who say system incentivises investment & innovation, rather than fixing long term prices for incumbent providers #eurogroup
#Eurogroup @PaoloGentiloni says Commission will come up with an energy package in December that will explore the role of the EU in common gas procurement and new initiatives on storage
Commission's energy crisis response likely to focus on building up EU's gas storage capacity and an emergency reserve, rather than amending pricing rules. Next week's "toolbox" paper likely to mention options on storage regulation. Proposal likely ~Dec
reuters.com/business/energ…
reuters.com/business/energ…
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