The Belgian Parliament's Energy Committee heard on Tuesday afternoon from regulators and stakeholders at a special session focussing on the surge in gas, electricity and oil prices.
In an initial assessment, the Commission for Electricity and Gas Regulation (Creg) and the Economic Affairs Department assured Parliament that Belgium had adequate fuel and gas reserves.
They noted that the current gas price increase was limited, compared to the spike during the energy crisis triggered by Russia’s 2022 invasion of Ukraine. However, Creg warned that “things could change rapidly given developments in the conflict near the Strait of Hormuz.”
The Committee also heard from the Federation of Electricity and Gas Companies (FEBEG), the Energia Petrol Federation, the Brafco Fuel and Gas Traders Federation, and consumer advocacy organisation Testachats.
These stakeholders presented analyses and proposals for addressing the surge in gas, electricity, and fuel prices.
Some representatives outlined specific demands relevant to their organisations.
Energia and Brafco called for the elimination of the 'K factor,' a mechanism that adjusts fuel prices during sharp increases, claiming that it has a severe impact on their profit margins.
Brafco also advocated replacing regulated maximum fuel prices with indicative prices.
Testachats added its recommendations, including activating a reverse excise mechanism that would automatically lower taxes—and consequently fuel prices— when they exceeded a certain threshold.
