Official: EU to launch joint gas purchase mechanism by April

BRUSSELS, Feb 14 (PRIME) -- The European Commission wants to launch a mechanism of joint gas purchases until April and does not rule out short supply in the next few months, European Commissioner for Economy Paolo Gentiloni said at a press conference late on Monday.

"Energy prices remain well above the levels seen in recent years and may remain volatile, while supply shortages might re-emerge in the coming months. This is why we intend to put in place a joint purchasing tool no later than the end of this quarter, to support the filling of gas storage ahead of the next filling season," the official said.

The E.U. agreed on a mechanism of joint purchases of 13.5 billion cubic meters of gas for 2023 in December. The mechanism bars from purchases of Russian fuel.

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