By Kate Abnett

BRUSSELS, (Reuters) – European Union leaders plan to continue to push for measures to protect consumers from record high energy prices. These have slowed industrial production and pushed up consumer bills.

On Oct. 21-22, EU leaders will gather to discuss the rise in energy prices and the “toolbox” published by the European Commission this week. This toolbox confirmed that national governments have the ability to immediately provide relief for consumers.

Reuters saw a draft document of the conclusion by the leaders. The Commission is invited to utilize that toolbox to provide “short-term relief to most vulnerable consumers” and support European companies.

Twenty EU member countries have taken such measures as price caps and cuts in energy taxes, subsidies to poorer households, etc., by Wednesday.

The number of renewable energy investments is expected to rise as Germany will reduce the surcharge it charges consumers for their energy.

The Commission stated that it would evaluate the EU’s long-term measures to safeguard countries from rising prices, which could include the joint purchase of gas.

EU leaders are asking for the Commission’s consideration of “medium- and long term measures to reduce excessive price fluctuations, enhance the EU’s energy resilience, and ensure a successful Green Transition,” according to the draft conclusions.

According to the draft, EU ministers will “take this work forward immediately” during an emergency meeting about energy prices Oct. 26.

They will ask the European Investment Bank to increase its capital to accelerate investment in green transition. This is to reduce disruption risk.

Brussels believes that moving to green energy faster is better than avoiding future price increases, because it will reduce the volatility of import fossil fuels.