Explainer: Can joint gas buying boost Europe’s energy security?

The European Union opened a scheme this week for companies to jointly buy gas, aiming to secure supplies ahead of winter and avoid a repeat of last year's record-high energy prices.

Russia, Europe's former top gas supplier, slashed fuel deliveries to EU countries last year following its invasion of Ukraine, plunging the continent into an energy crisis as it scrambled to find alternative sources of supply.

The EU joint gas buying plan aims to help refill gas storage and shield countries against potential further supply shocks.

HOW WILL JOINT EU GAS BUYING WORK?

Companies have until May 2 to register the amount of gas they want to buy through the scheme. They can request pipeline or liquefied natural gas (LNG).

The EU platform will then collect offers from global suppliers to match demand. Matched suppliers and buyers will negotiate...