"I said today that we will do whatever it takes to protect our households and our industry from high energy prices. We don't have weeks, we have days. Together with the European Commission, we will come up with an immediate, concrete solution. And we will approve it by the end of September," says Minister of Industry and Trade, Jozef Síkela.

The brief for the Commission, based on the Member States' positions, includes, for example, the possibility of using the excessive profits of electricity producers to finance measures to reduce the impact of high energy prices on citizens and businesses, and to invest in energy savings, renewable energy and other emission-free technologies. The temporary crisis framework allowing public support for companies affected by the consequences of the Russian aggression against Ukraine should also be extended without further delay. The States also agreed on the need for the Commission to come up with a proposal to increase liquidity in the electricity market and safeguards against market manipulation. A number of Member States stressed the need to revise the overall functioning of the electricity market in the medium term to reflect the new market conditions.

The Commission should also come up with a proposal for capping gas prices, the setting of which must not, however, jeopardise gas supplies to Europe, as instructed by the Member States. Some ministers raised the issue of emission allowances, and the debate is likely to focus on the release of allowances from the market reserve. The Czech Presidency is also discussing this topic in the framework of the informal ECOFIN Council meeting currently taking place in Prague.

The European Commission is expected to prepare proposals within days and present them at the beginning of next week. The Czech Republic is ready to convene another extraordinary meeting of the Council of Ministers by the end of September. Ministers from other EU countries have also expressed their readiness to meet again to finally agree on common measures.