Twenty-seven energy ministers meet to discuss the proposal with widely divided views
The energy ministers of the European Union (EU) will meet in Brussels this Tuesday with a clear goal: to reach an agreement on the European mechanism to correct the gas price. Achieve it or it will be easy. European countries are divided between those who consider this tool useful but insufficient -as is the case in Spain- and those who see it as a risk to security of supply -such as Germany and the Netherlands-.
“The views and concerns are very different. It is understandable, but Member States must show flexibility,” assured the energy commissioner, Kadri Simson, who stressed that Tuesday’s meeting is “one of the most challenging” yet. The representative of the European Commission stressed that “it is necessary to reach an agreement with the utmost support”.
Although the Commission’s original proposal has undergone changes, with a reduction in the price cap, the difference with respect to the international market or the consecutive number of days the activation limit is exceeded, the basis of the text remains the same. The last proposal under discussion would be to set a ceiling of EUR 220 per megawatt hour, provided that the price is EUR 35 higher than the international market and would be activated for a period of 20 days.
As confirmed by European diplomatic sources, the countries are moving “with great reservations” and the challenge now is to complete the squaring of the circle. If no deal is reached, the cap on gas will become part of the wrap-up European leaders’ talks to be held in Brussels next Wednesday and Thursday.
The lack of agreement also delays the adoption of two other measures to which countries such as Spain and the Czech Republic tie the price cap agreement: the adoption of the Solidarity Regulation and the acceleration of renewables.
Source: La Verdad
I’m Ben Stock, a journalist and author at Today Times Live. I specialize in economic news and have been working in the news industry for over five years. My experience spans from local journalism to international business reporting. In my career I’ve had the opportunity to interview some of the world’s leading economists and financial experts, giving me an insight into global trends that is unique among journalists.
