Germany voted to support the deal, despite having raised concerns about the policy’s impact on Europe’s ability to attract gas supplies in price-competitive global markets.
| European Union energy ministers on Monday agreed to a gas price cap, after weeks of talks on the emergency measure that has split opinion across the bloc as it seeks to tame the energy crisis.
“We have succeeded in finding an important agreement that will shield citizens from skyrocketing energy prices,” said Jozef Sikela, industry minister for the Czech Republic, which holds the rotating EU presidency.The cap could be triggered starting from February 15, 2023. The deal would be formally approved by countries in writing, after which it could enter into force.
Germany voted to support the deal, despite raising concerns about the policy’s impact on Europe’s ability to attract gas supplies in price-competitive global markets, three EU officials said.An EU official told Reuters that Germany agreed to the price cap after countries agreed changes to another regulation on speeding up renewable energy permits, and stronger safeguards were added to the cap.
“I remain worried about major disruptions on the European energy market, about the financial implications and, most of all, I am worried about European security of supply,” he added. The contract hit a record high of €343 in August – a price spike that prompted the EU to move ahead with its price cap.
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