The 27 are anticipated to achieve a political settlement to buy fuel by way of a joint platform earlier than subsequent winter — as EU international locations have been outbidding one another when shopping for fuel to fulfil fuel storage throughout the summer season, driving costs up.

Hungarian prime minister Viktor Orbán is the one chief who has publicly voiced opposition to joint purchases forward of the assembly, saying troublesome talks throughout the summit.

“Brussels’ newest plan on joint fuel procurement jogs my memory of the time we purchased vaccines collectively. Sluggish and costly,” Orbán mentioned on Twitter.

As world shipments of LNG to Europe have considerably grown since March, EU leaders are additionally anticipated to again the creation of a complementary benchmark for LNG.

However they continue to be break up over whether or not and learn how to restrict the fuel to cut back hovering payments, given the position of fuel as a price-setting mechanism for the ultimate value of electrical energy.

A gaggle of at the least 15 international locations have been pushing for an EU-wide wholesale fuel value cap for each imports and intra-EU fuel transactions.

However the transfer is opposed by Germany and the Netherlands, fearing that such intervention would undermine the safety of provide or inadvertently enhance consumption. Hungary can also be reluctant to impose any kind of value cap.

It’s nonetheless unclear whether or not in the present day’s negotiation will break the deadlock over fuel value caps since that is seen as a controversial concern with nonetheless many pending questions.

The newest draft conclusions may exclude references to any kind of value caps, in line with an EU official.

Belief shortages?

EU member states may even focus on the impression of the vitality disaster on the bloc’s economic system and the potential funds accessible on the EU stage.

“Our financial outlook will rely to a big extent on how we handle our vitality disaster,” the president of the EU Council, Charles Michel, wrote to EU capitals.

Nonetheless, a number of leaders suppose there may be sufficient cash in already present EU funds for now, and so they argue that there is no such thing as a want for an additional joint pool of assets.

As Europe faces the struggle’s financial and monetary penalties, the assembly in Brussels may also be essential to restoring belief amongst EU international locations, in line with specialists.

“Belief is already briefly provide,” mentioned Pawel Zerka, from the European Council on Overseas Relations suppose tank.

Whereas Germany has put ahead a controversial €200bn programme to assist households and companies going through difficulties to pay their vitality payments, France and Italy, the bloc’s subsequent largest economies, have solely distributed a fraction of that quantity.

But, neither Germany nor the Netherlands is anticipated to again the creation of a brand new joint EU mortgage mechanism, regardless of calls from some member states to take widespread motion.

“Berlin now bears a selected accountability for rebuilding belief among the many EU27, not least due to its earlier cosy vitality relationship with Russia,” Zerka mentioned.

Technical particulars shall be mentioned later this month (25 October) amongst vitality ministers, who’re anticipated to undertake emergency measures in early November throughout a unprecedented assembly.

EU leaders are additionally anticipated to debate the struggle in Ukraine and learn how to present additional monetary help to Kyiv, higher defending important infrastructure, and exterior relations with China most probably on Friday (21 October).

“The European Council condemns within the strongest potential phrases the current indiscriminate Russian missile and drone assaults focusing on civilians and civilian objects and infrastructure in Kyiv and throughout Ukraine,” EU leaders would say, in line with the most recent draft conclusions.

Leaders are additionally anticipated to again sanctions on Iran, for its position within the struggle in Ukraine with drone provides to Russia.

“We have to reply with what is going on with Iran, this has been the quickest sanctions process,” an EU official mentioned.