Free Trial

MNI BRIEF: EU Ambassadors Aim For Gas Cap Landing Zone

(MNI) LONDON

EU ambassadors will meet Monday evening as they push for landing zone for a political deal on a gas price cap, a senior EU official said. The official noted that three to four major issues still need to be resolved before a deal could be reached: on the price level itself for the cap; the number of days at that level which would be required to activate it; when the automatic deactivation can be triggered and the scope of the mechanism.

Those countries opposed to a cap, including Germany, may accept a lower number in return for easier conditions for its deactivation “should things go badly wrong,” the official added. Energy ministers will meet Tuesday to discuss the latest compromise proposal from the ambassadors’ meeting, when any failure to find agreement would then hand the issue to leaders to resolve at their summit this week.

The cap is part of a package of energy measures to be agreed by ministers, which also includes an EU joint purchase platform, an emergency gas supply solidarity mechanism and faster permitting of renewable projects. The official said that EU states were moving towards a rapprochement, but only “very reluctantly”.

MNI London Bureau | +44 203-865-3812 | les.commons@marketnews.com
True
MNI London Bureau | +44 203-865-3812 | les.commons@marketnews.com
True

To read the full story

Close

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.