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Commission To Propose Higher Gas Cap Than Member State Gov'ts-Wires

EU

Wires carrying comments from unnamed EU diplomats stating that there is disagreement between member state gov'ts and the European Commission on the setting of a natural gas price cap intended to ease energy price concerns. According to diplomats, already-divided gov'ts are seeking a cap around EUR150-180/mwh, while the Commission is expected to propose a 'much higher cap'.

  • At present the Commission leaves the actual price cap blank for now according to an unnamed EU official. On 17 November, Euractiv reported "While there is no level mentioned for the ceiling, the paper says the price spike in August 2022, which hit EUR350 per megawatt hour, could provide guidance." This EUR350/mwh stands at more than double the above cap supposedly being sought by member states.
  • The gas price correction mechanism would be in place for one year from 1 Jan 2023 according to draft legislation seen by the official.
  • Meeting of EU energy ministers takes place on Thursday, with a decision on the Commission's 'non-paper' on a dynamic price cap expected to be reached.
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