On the margins of the EU Energy Council in Luxembourg today, twelve countries signed a joint declaration on the electricity market based on a German initiative. In so doing, the signatory states have committed themselves to, among other things, leaving the energy markets open during periods of short supply and, generally, doing away with or not introducing price caps. In this respect, the German Association of Energy and Water Industries (BDEW) states:
"The agreement concluded today is important for strengthening the cooperation between the European states with regard to energy issues. However, it is only the first step. Further, more intensive efforts are required to finally make the single energy market a Europe-wide reality and guarantee mutual supply. The Federal Government should use the agreement as a basis for designing the future energy market structure in harmony with the other states, for example. This is particularly sensible against the background of the capacity market that has already been introduced in France. Furthermore, it should also be jointly considered how infringements of single market regulations are to be handled in future.
Moreover, the declaration creates important preconditions for guaranteeing future security of supply not only on a national but also a common, cross-border level, for example. To this end, the agreement also includes no longer closing the borders if electricity is transmitted to a neighbouring state in times of shortage. The signatories also want to develop a common set of instruments to be able to determine how security of supply develops overall. BDEW has been dedicated for years to cross-border collaboration in this respect and therefore welcomes this particular objective of the agreement."