EU energy ministers have extended the gas price ceiling until the end of 2024
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EU energy ministers have agreed to extend emergency energy regulation measures until December 31, 2024, the statement says. message press service of the Council of the EU. The measures include limiting gas prices and a mandatory reduction in electricity consumption in EU countries.
A press release from the EU Council said the extension of the measures was necessary “to resolve the still fragile situation” in the EU following the deployment of Russian troops into Ukraine. “This will allow us to ensure the stabilization of energy markets, mitigate the impact of the crisis and protect EU citizens from excessively high energy prices,” said Spanish Energy Minister Teresa Ribera.
On 22 December 2022, the Council of Europe adopted a regulation establishing a market adjustment mechanism to protect citizens and the economy from excessively high gas prices. The ceiling is set at €180 per MWh (approximately €1.85 thousand per 1 thousand cubic meters). The measure was introduced due to a sharp increase in gas prices in Europe (above €300 per MWh) after a reduction in Russian supplies.
Read more in the Kommersant article. “The gas is thinner, the ceiling is lower”.
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