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Free AccessEU Ministers to Extend Gas Price Cap, EFET Advises Against Extensions
EU ministers are expected to approve the extension of several emergency energy measures, including the gas price cap, by at least one year during a meeting next Tuesday, a senior diplomatic source told Montel. The European Federation of Energy Traders (EFET) advises against the extension.
- “The energy crisis is not completely over. The shaky foundations in the global markets remain, with the Russian war [in Ukraine] still going on,” said the source.
- “We decided it was safe to renew the package of emergency measures just in case. We do not expect a full-blown discussion.”
- Ministers are expected to extend the gas price cap for one more year until 31 January 2025, the source said. So far, the mechanism has never been triggered.
- EFET advised against extending the Market Correction Mechanism as “the proposal cannot reduce global gas prices but it seeks instead to make gas at high prices more difficult to hedge and more risky to purchase.”
- The group also pointed out that the mechanism has not caused the fall in gas prices and the MCM does not contribute to energy security but endangers existing contracts and raises barriers to accessing gas.
- Ministers are also expected to extend the EU’s joint gas buying measure by one year until the end of 2024 and to approve the extensions of emergency rules aimed to speed up renewables permitting processes.
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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.