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Free AccessEU 15% Gas Cut Plan in Amendment Talks
EU diplomats are today discussing a revised version of last week’s plan which encouraged EU nations to voluntarily reduce gas consumption by 15% - before switching to mandatory cuts in emergency situations.
- The updated proposal would keep the voluntary target for all countries to curb gas use but sets different mandatory targets and a range of exemptions.
- Countries without links to EU gas networks would be exempted and those with large volumes of stored gas could face lower targets to curb demand. States that export gas to other countries could also face lower targets while critical sectors may also face exemptions.
- The initial plans in the draft last week faced vocal opposition from Spain, Greece, Italy, Poland, Hungary and Portugal.
- The new proposal puts national governments rather than the Commission in charge. EU ministers will attempt to push the update proposal through tomorrow when it goes to a vote.
To read the full story
Sign up now for free trial access to this content.
Please enter your details below.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.