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European Energy Exchanges Warn EU Of Gas Price Cap

NATURAL GAS

The introduction of a limit on benchmark gas prices will have potentially irrevocable negative effects on the functioning of the region’s energy markets lasting well beyond the current crisis, the Association of European Energy Exchanges (EUROPEX) wrote in a joint letter.

  • The gas cap outline fails to consider the risk pf pushing participants from exchanges to the private OTC market, which has less price transparency and higher risk of default, EUROPEX wrote.
  • The mechanism is likely to increase the margin requirements, it added.
  • “We are concerned that this proposal has the opposite effect and would lead to a deterioration of security of supply”, chief strategy officer at EEX, Tobias Paulun, said in an interview.
  • Lower gas prices because of a gas price cap are also supporting the risk of increased gas consumption.
  • EU energy ministers meet on Nov 24 to further discuss measures to ease market volatility including the proposal for a floating price mechanism to limit price spikes on TTF.
Energy BulletsCommodities
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