The leaders of EU member states agreed on Friday that they would continue working on introducing a cap on gas prices in order to restrict the extremely high price jumps.

A big step forward was taken, but I will be satisfied when the measures are implemented and when energy bills decrease, Belgian Prime Minister Alexander De Croo said at the two-day summit, summarising the hours-long debate which started on Thursday afternoon and ended in the early hours of Friday.

The conclusions have many conditions, and energy ministers should hammer them out when they meet next Tuesday.

It was agreed to establish a temporary mechanism for the restriction of gas price spikes and the restriction of the prices of gas used to produce electricity.

However, this is yet to be established and the question is whether it will be achieved in the coming days. German Chancellor Olaf Scholz said that an extraordinary summit might be needed next month.

We will establish a corrective market mechanism to limit the extreme gas price surges, said European Commission President Ursula von der Leyen.

The leaders agreed on the conclusions in which they tasked the Commission and energy ministers with adopting concrete measures and decisions to reduce gas prices.

It was agreed to establish a temporary dynamic price range for natural gas transaction in order to immediately restrict excessive gas prices.

EU leaders asked the Commission and energy ministers to urgently adopt concrete measures on voluntary joint gas procurement and to accelerate negotiations with reliable partners, while making full use of the Union’s common market power and the EU energy platform, which is also open to the Western Balkans and three associated Eastern partners.