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Wires-Energy Ministers Reach Agreement On EUR180/mwh Gas Price Cap

EU

Wires reporting that according to the Czech presidency, EU energy ministers have reached an agreement on a natural gas price cap.

  • Reports are that the cap will stand at EUR180/mwh, and will be able to be triggered from 15 February 2023. The cap will not initially apply to over the counter trades.
  • Earlier today, EU diplomats had warned of the potential of talks continuing well into the night. However, some flexibility seems to have come in from the German and Dutch side, which previously had pushed for a much higher cap to ensure security of supply throughout the winter.
  • Politically the cap remains divisive. Hungarian Foreign Minister Peter Szijjarto stated that Hungary and eight other countries were opposed to the cap, but that this would be short of the required blocking minority to stop the cap being approved in a qualified majority vote (requiring 55% of EU members representing 65% of the EU population).
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