Leaders from Austria, Czech Republic, and Slovakia are urging Brussels to take urgent measures to reduce energy prices, warning that the current level of costs jeopardizes the competitiveness of European industry. The message was conveyed ahead of an informal European Union summit dedicated to strengthening the bloc’s economy, according to Reuters.
The meeting is scheduled for Thursday at a castle in Belgium and will explore ways for the EU to more effectively address economic competition from the US and China.
Czech Republic and Slovakia have been calling for interventions for several months to lower energy costs, particularly criticizing the price of emissions certificates in the European ETS scheme, which companies are required to purchase to cover the pollution generated.
Slovak Prime Minister Robert Fico stated that the summit would be "a great success" if European leaders could at least reach an agreement on the need to reduce electricity prices.
In turn, Austrian Chancellor Christian Stocker emphasized that the main factor driving up the price of electricity is the cost of natural gas, which is why the issue must be addressed directly.
Czech Prime Minister Andrej Babiš is pushing for capping the price of ETS1 certificates and postponing the implementation of ETS2, a scheme that would introduce additional costs for heating the population and fuels.
According to an internal document consulted by Reuters, Brussels, however, is considering a different reform option: restructuring the system of free CO₂ permits for industry to align it with the EU's new climate target for 2040.
The summit will also be attended by German Chancellor Friedrich Merz and Italian Prime Minister Giorgia Meloni, who will advocate for a coordinated European strategy to support companies, attract investments, and strengthen the single market.