Amid soaring prices as winter approaches, the European Commission has announced it will scrutinize Europe's electricity market.

The European Union Agency for the Cooperation of Energy Regulators (ACER) will present findings on the functioning of the bloc's electricity market in mid-November. 

A full study isn't due until the spring of 2022 when consumers are expected to have already faced months of higher bills. 

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"We cannot ignore the price volatility we are experiencing right now and we must analyze what can be done to mitigate these risks in the future," said Kadri Simson, the European Commissioner for Energy at a news conference after a meeting of EU ministers in Luxembourg. 

In the short term, the commission says member states can pick from a "toolbox" of measures such as tax reductions and state aid. In the longer term, it is also exploring reforms to the wholesale electricity market, a potential joint purchasing scheme, and expanding storage capacity.

Split emerging 

Heading into the meeting in Luxembourg, EU nations were split into camps over how to respond to rising prices. Spain's government has been outspoken about the energy crisis in recent weeks, calling for reforms to the way electricity prices are calculated. 

However, a group of nine countries including Germany, Austria, and the Netherlands, has pushed back against any drastic measures. 

"We cannot support any measure that conflicts with the internal gas and electricity market, for instance, an ad hoc reform of the wholesale electricity market," the countries said in a joint statement before Tuesday's meeting.

Russia's role?

As one of Europe's main suppliers of natural gas, Russia has been accused of contributing to rising prices by limiting shipments. 

On Monday, the Senior Advisor for Energy Security to U.S. President Joe Biden was asked if Russia's President Vladimir Putin is using gas "as a weapon." 

"I think we are getting close to that line if Russia indeed has the gas to supply and it chooses not to, and it will only do so if Europe accedes to other demands that are completely unrelated," said Amos Hochstein. 

Putin cited the EU's energy policy as responsible for higher prices rather than any of Moscow's policies. Russia has built a pipeline that will deliver natural gas to Europe under the Baltic Sea, bypassing the traditional route through Ukraine.

The U.S. has waived previous sanctions designed to block the completion of the Nord Stream 2 pipeline, it still needs to be approved by the European Commission and German authorities.