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Six EU Members Warn Against Lower Gas Price Cap

NATURAL GAS

Six EU members, including Germany and the Netherlands, have warned that they cannot accept lower gas cap prices according to Reuters.

  • The group, also including Austria, Denmark, Estonia and Luxembourg, warn a low cap would disrupt the energy market. They are concerned the cap will make the EU less competitive to buy LNG supplies risking cargoes diverting to where prices are not capped.
  • "We are concerned by the lowering of the figures. The figures of the [gas price cap] ceiling and the triggers cannot be lowered any further or replaced," ambassadors from the six countries said in the email to the EU's presidency Czech Republic.
  • Belgium, Italy, Poland and Greece are among those looking for a lower price cap to protect against high gas costs.
  • The countries are aiming to come to an agreement to approve at a meeting of energy ministers on Dec 13.
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