February 2, 2023

Athens News

News in English from Greece

EU countries finally agree on capping gas prices after weeks of negotiations

European Union energy ministers have agreed to limit gas prices, a representative of the Czech Republic said on Twitter on Monday. The first reaction from Russia: “Unacceptable!”

The deal follows weeks of talks on an emergency measure that has sparked divisions across the bloc as it aims to tame the energy crisis. The Czech Republic chairs EU and chair the negotiations.

According to official figures and a document seen by Reuters, European Union energy ministers have agreed that a cap on gas prices will be introduced when benchmark gas prices rise to 180 euros per MWh.

The EU gas price cap will come into effect if next month’s Dutch gas transmission center contract prices exceed €180/MWh for three days, as shown in the document detailing the EU ministerial agreement.

The document says that the restriction can be introduced from February 15 and will not initially apply to over-the-counter transactions.

Three EU officials said Germany, which had been skeptical of the price cap, on Monday voted to support the European Union’s gas price cap deal, despite expressing concerns about the impact of the policy on Europe’s ability to attract gas supplies at a price. competitive global markets.

Germany and other countries skeptical of the restriction have sought additional safeguards to ensure it will be suspended if the policy backfires.

PS No idea how the price ceiling will benefit the consumer if there is no gas…

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