EU leaders meet in Brussels over soaring energy prices and the next budget

Rise in European gas prices since February

140 %

Gas prices in Europe have risen about 140 per cent and diesel prices have doubled since the US and Israeli war on Iran began in February, according to reports. The summit runs Thursday and Friday.

Options on the table

• Joint buying of all energy products
• Less reliance on fossil fuels
• More investment in electrification

Leaders want Commission President Ursula von der Leyen to bring measures soon, though all admit there is no miracle solution. Options include joint buying of all energy products, cutting reliance on fossil fuels and more investment in electrification.

"Several leaders have publicly asked the Commission for a green light to adopt measures to reduce the impact of the brutal rise in energy prices," said European Council President António Costa, citing the wars in Iran and Ukraine.

— António Costa, European Council President

Leaders also weigh the 2028-2034 budget: a new negotiating proposal cuts spending by about 8 per cent from the Commission's plan, while the European Parliament wants a 10 per cent increase.