“You have to act, but not to overact.”
The words of EU Economic Affairs Commissioner, Paolo Gentiloni, are a jug of cold water for the aspirations of Spain, France or Greece, three of the most concerned and most active countries for the price of light, whose crossed in favor
of measures at the continental level and changes in the legal framework to allow more aggressive governments interventions has not received the desired support among its partners.

The conclusions of the meeting of the Finance Ministers on Monday and Tuesday in Luxembourg have been much more cautious than Madrid and Paris expected according to the data.
With gas triggered and prices at historical maximum, wearing light receipts at unbearable levels for hundreds of thousands of people, some governments expected a more forceful message.
Actions at Community level are not so many, and times everyone knows that long, but the balance of the encounter is that appetite is not so strong, that many believe that the situation will be normalized ‘in early 2022 and what to do
Changes of draft in the regulatory margo can be more dangerous than positive.

“The current situation is unbearable for our citizens and companies, we need to change and address the situation of the European energy market because it is not adequate for what we want to achieve, which is the fight against climate change,” said Minister Galo, Bruno LE Maire. “There is a growing interest on the part of all Member States and institutions to give a European response to this issue that is a global problem and requires coordinated response. Spain has put a set of initiatives, such as the creation of strategic gas reserves that would allow negotiating with one voice and improve the negotiation capacity facing the great suppliers. We have proposed a review of the CO2 markets to reduce the impact of speculation and, in general, the need to review the regulatory framework for power Give an answer to the volatility of the prices that has occurred in the middle of the green transition, “vice president Nadia Calviño was added.

Spain and Greece have presented 6 ‘non-papers’ with proposals such as that strategic reserve, a plan for which the EU purchase gas as has bought vaccines against the Covid, in a coordinated manner and establishing a deposit that serves to control volatility
And to break this almost automatic mechanism by which the increase in the price of gas is transferred without remedy to the bill of light by weight in the energy mix.
And ideas have been well welcomed.
They will be discussed by the Heads of State and Government within two weeks in a European Council, but where there is not much less tuning is with the possibility of playing the regulatory market in depth.

The causes are several.
The ministers saw yesterday some optimistic graphics in which energy prices are stabilized in the first and second quarter of 2022. It is not a return to the past, because the ‘new normality’ of the green transition and the European Green deal have consequences
and costs, but it is well below the present levels.
It is a matter of money, but also of philosophy and there are several countries, and the Commission itself, which they want it to be clear and opposed any extent that compromises the great goal of the legislature.

The next big problem is the melon of regulation. Governments can intervene in retail prices, in fixing supply for clients “in a situation of energy poverty or vulnerable”, but as a general rule can not regulate wholesale prices of electricity, as the spirit of standards protects the Free price training based on supply and demand. There are things that can be done, there may be regulated rates for consumers who are not in a situation of poverty, creating public companies and, in some cases, forcing the sale of energy in other markets other than the wholesaler. But the margin is limited and is where Spain and France want to put hand. Today both countries have signed a joint statement, which have joined only Romania, Greece and Czech Republic, with five points, among which are claiming an investigation on what happens in the gas market, an in-depth reform of the energy market , Diversify sources and avoid volatility.

In Brussels they are skeptical.
They believe that state aid rules must be respected, that there can be no interventions that discriminate between companies, which is not good to complicate what is already complicated and that there is a clear danger if, by political pressures, the game rules are changed.
Claude Turmes, Minister Luxembourg, summed up this Monday, explaining how a liberalized system cost 25 years “that works well” in general lines and that has created some continental homogeneity, so, it defends, touching it would be an error.
Your bet, and that of other capitals, is as much to force that large suppliers can not operate as now and introduce some changes that reduce their ability to move at final prices up to 30% when, at much, it would be justified
half.

The European Commission will present some legislative initiatives in December, but nothing aims to go in that line of touching the regulation of the marginalist market.
Next Tuesday there will be a ‘Toolboox’, a series of ideas and reminders of what can be done with the current framework, margin of action, possible improvements, something that will be sold as a political action and interest, but of little travelers and that the
Countries more affected consider entirely insufficient.