Norway and the European Commission stated that, given that Russia is using energy as a weapon, Europe must rethink and reformat its energy security. The EU and Norway agreed to jointly develop tools that will help stabilize energy markets and limit the impact of market manipulation and price volatility. According to the leaders, the creation of such instruments will help reduce excessively high energy prices in both the short and long term.
The initial commitment between the EU and Norway about the stabilisation of energy markets evolved into the establishment of the EU market correction mechanism. The EU Council issued a regulation establishing a market correction mechanism to limit excessive gas prices and maintain secure energy supply in the EU on 22 December 2022.
A one-year EU market correction mechanism became operational on 23 February 2023.