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EU Gas Cap Discussions "Polarised": Kadri Simson

NATURAL GAS

European discussions on a natural gas price cap are taking place in the background as markets focus on the blocs efforts to try and agree a separate cap on Russian oil.

  • EU ministers remain polarised on their views towards a gas cap according to EU energy commissioner Kadri Simson today. The most recent proposed levels have been criticised as being far too high to ever be implemented.
  • It is not meant to be an instrument to “structurally lower our gas prices to pre-war levels,” Simson said.
  • Simson added that a 14-day trigger could be an “extremely long” period for high prices to eventually activate the cap.
  • European energy ministers are set to meet in the middle of December to try and push the gas cap through, though doubts remain on whether this can be achieved. Other emergency EU measures are being blocked while the gas cap topic remains unresolved.

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