EU may refrain from stepping into energy market as nations split

Bloomberg

European Union leaders may hold off on endorsing intervention in the bloc’s wholesale energy market as member states are divided on the most effective emergency options to curb soaring power and gas prices, exacerbated by Russia’s invasion of Ukraine.
Instead, at a summit in Brussels, the EU heads of government may agree on immediate actions to replenish depleted natural gas storage and on urgent measures to help retail consumers shoulder some of the burden of rising energy bills, according to diplomats with knowledge of the matter.
Energy was catapulted to the top of Europe’s political agenda after fossil fuel costs hit records amid a gas supply crunch and concerns over shipments from Russia, the biggest source of EU imports.
While the European Commission, the EU’s executive arm, has outlined steps to reduce the dependence on Moscow by nearly two-thirds already this year, governments are coming under mounting pressure from consumers and companies to cushion the impact of the crisis.
But the split within the EU is deepening over how to deal with the price spikes, as countries predominantly in the south of the bloc are calling for urgent action to decouple power costs from gas prices and northern members are urging restraint.
The commission is currently designing its second set of emergency measures that member states will be able to choose from. They will focus on income support to vulnerable consumers, such as vouchers or partial bill payments, and state aid for affected businesses, according to the diplomats, who asked not to be identified as talks on the matter are private.