Bloomberg: The EU is not going to introduce a cap on gas prices yet

The European Commission’s (EC) emergency list of measures to respond to the energy crisis does not include a cap on gas prices, reports Bloomberg with reference to the draft document. According to the agency, the EU will refrain from capping the price for the time being due to political differences and concerns about cutting off supplies.

The European Commission is seeking permission from member states to cap gas prices at Europe’s largest gas trading platform, the Dutch Title Transfer Facility. However, Bloomberg notes that Brussels will use this opportunity only as a last resort.

The package of measures is planned to be published today, October 18. The EU plans to create a joint gas acquisition mechanism and coordinate the filling of gas storage facilities in the Union countries. Brussels notes that by November 2023 it will be very difficult to fill storage facilities by 90%, especially if they are empty after winter. The EC plans to create a syndicate to conclude long-term gas contracts, however, according to Bloomberg, Russian suppliers are not involved in these negotiations. It is also proposed to reduce the impact of the energy crisis with the help of funds from the general funds of the union.

Introduce gas price ceiling suggested European Commission President Ursula von der Leyen. Later, the head of the Ministry of Industry and Trade of the Czech Republic, Josef Sikela informedthat the EU has not yet discussed such a restrictive measure. The Russian authorities have repeatedly stated that they will not sell energy resources to those countries that support the price ceiling for them.

More details – in the material “Kommersant” “The biggest challenge in history”.

Erdni Kagaltynov