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European Gas Cap Struggling for Consensus

NATURAL GAS

Agreeing on an EU gas cap remains a tussle between ministers unable to commit to the proposal of 275 euros per megatwatt hour as well as its strict further stipulations.

  • Poland's Climate Minister Anna Moskwa has called the plan "a joke".
  • Belgium's Energy Minister Tinne Van der Straeten said "The text that is on the table is unsatisfactory (...) it doesn't clearly say if it will have an effect on prices,"
  • Greece’s Konstantinos Skrekas said a cap of 150-200 euros/MWh would be "realistic", adding "It could help us reduce gas prices and therefore reduce electricity prices, which is a major challenge in Europe this winter,".
  • Malta said the strict conditions needed for the mechanism to kick in made it "next to impossible".
  • Opposition towards the cap is coming from Germany, the Netherlands, Sweden, Austria and Finland. They are not in favour of a lower cap which they have said would damage the ability for the EU to be competitive on the global markets
Energy BulletsCommodities
Energy BulletsCommodities

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