MNI BRIEF: EC Head Aims For Gas Price Cap Deal In Coming Days

EU Commission President Ursula von der Leyen said Monday she is hoping for a political agreement on a gas price cap in coming days, following an intensive weekend of phone diplomacy with national capitals in a bid to find a way forward on the price cap ahead of Tuesday’s energy ministers’ meeting and an EU summit on Thursday and Friday this week.

“A lot of work has been done, the technicalities have been set. We need a political agreement on what kind price cap and on the thresholds,” von der Leyen said.

The cap has proven highly controversial, with German officials fundamentally opposed to a price cap, due to concern that it could prompt LNG exporters to send their cargoes to Asia, while other big EU countries favour a much lower price cap and some a ‘dynamic corridor’ approach. Any cap would need to address the need for demand reduction, security of supply and financial stability issues, she said.