"We did not just discover this issue today," Michel told German newspaper Suddeutsche Zeitung, adding that Europe "cannot waste a single day, we do not have the luxury of waiting weeks or months longer. Proposals must be on the table as soon as possible."
Michel noted that the European Council has repeatedly discussed the issue since October 2021; however, the European Union has yet to present any concrete proposals on how to reduce energy prices within the bloc.
He added that the increase in gas and electricity prices is "a catastrophe" for EU citizens, families, households, and businesses.
Gas prices in Europe have skyrocketed throughout the year, reaching $3,500 per 1,000 cubic meters in August amid waning Russian energy supplies.