The leaders of the European Union member states are expected to discuss this week a new system to jointly buy natural gas in order to create strategic reserves to protect the countries and consumers from gas shortages and soaring energy prices. The European Commission, the EU’s executive branch, has drawn up proposals for the creation of the new system and has circulated the document among EU member states ahead of a leaders’ summit on Thursday, Reuters reported on Monday, quoting the document it had seen. “The proposals will include an enabling framework for the joint procurement of gas strategic stocks by regulated entities on a voluntary basis,” the European Commission’s document reads. “Member States, through joint cooperation at regional level, should be able to rely on storage in other countries in case of needs,” according to the proposal. The EU has been looking for months to put additional regulations […]