EU countries agree to exclude Russian gas from joint procurement contracts
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EU energy ministers have agreed that Russian gas will be excluded from contracts for joint purchases. In addition, at today’s meeting, the ministers tentatively agreed on the introduction of a mechanism to limit intraday fluctuations in prices for gas derivatives under the TTF. As noted by the European Commission, states are obliged to purchase through this mechanism 15% of all gas needed to fill their gas storage facilities in 2023.
In the text of the application for website The EC says the updated terms of purchases will allow EU countries and energy companies to purchase gas jointly on global markets. “The mechanism can be suspended by the EC at any time if risks to the security of supply materialize,” the text says.
In the part on limiting the price fluctuation of gas derivatives under the TTF, it is said that “the mechanism for managing intraday volatility will prevent excessive price movements during the trading day.” The new condition “is critical for us to continue to attract LNG cargoes to replace lost pipeline volumes of Russian gas.”
In addition, according to the statement, the EU countries will find an intermediary who will take into account the general requests received regarding the filling of gas storage facilities from the gas companies of the members of the union. The countries will oblige companies to use the services of this intermediary in order to bring the volume of gas they purchase under the new scheme to 15% of their obligations to fill UGS facilities in 2023.
In October, the European Commission presented an updated package of measures for the exit of the EU countries from the energy crisis. In him kept provisions for the launch of a new LNG benchmark, the introduction of a dynamic TTF price ceiling and mandatory joint fuel purchases for European energy companies.
Read more about EU measures to overcome the crisis – in the publication “Kommersant” “Europe is rewriting the gas formula”.
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