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EU Commission Cautions Gas for Electricity Price Cap

NATURAL GAS

The European Commission has cautioned the use of an EU wide cap on the price of gas used to produce electricity because it could increase gas use and exports of EU subsidised electricity.

  • The Commission draft was circulated ahead of EU energy ministers meet today to discuss options around cutting gas prices. The gas for electricity cap, already used by Spain and Portugal, could see EU gas demand rise by 9 bcm according to the Commission.
  • It also states that measures should be taken to stop the electricity flowing to non-EU countries like Britain and Switzerland.
  • The Commission said if market gas prices were 180 euro per megawatt hour for a year, the scheme could yield a net benefit of 13 billion euros but the benefit would not be evenly spread across member states.
  • Germany, the Netherlands and Italy, who produce significant volumes of gas-fuelled power, would face the highest costs to fund the scheme.
Energy BulletsCommodities
Energy BulletsCommodities

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