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France, Italy Say EU Gas Price Cap Is Insufficient

NATURAL GAS

The EU’s planned gas price cap of €275/MWh is insufficient and does not correspond to the price situation, officials at the French Energy Transition Ministry said.

  • The implementation is hypothetical and would be triggered only under extreme conditions, officials added.
  • Instead the cap should send a signal to the market without impeding Europe’s gas supply, OTC markets should be covered by the proposal and the price cap should be variable depending on reserve levels.
  • Italy’s energy and environment minister Gilberto Pichetto Fratin said: “It can certainly be a first signal, but a cap in this way and so high, we think it is insufficient. On the contrary, it risks fuelling speculation rather than being the tool to contain it", he told the SkyTG24 broadcaster.
  • EU energy ministers are due to discuss the proposal on Thursday.
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