EU countries start negotiations on Friday evening on a European Commission proposal for a cap to limit gas price spikes, and are racing to reach a deal by Dec. 13
European Union countries will consider on Friday a proposal for a gas price cap slightly lower than a Brussels proposal that some view as too high, with a handful of countries pushing for an even lower limit, documents seen by Reuters showed.
The Commission last week proposed a gas price cap that would kick in if the front-month Title Transfer Facility gas price exceeded 275 euros per megawatt-hour for two weeks and was 58 euros higher than a liquefied natural gas reference price for 10 days. On Friday, countries will consider a revised proposal by the Czech Republic, which holds the rotating EU presidency, to lower the limit to 264 euros/MWh and require prices to remain above that level for five trading days, instead of two weeks, to trigger the cap.
With countries split over whether to cap prices at all, diplomats expect multiple revisions of the proposal will be needed before any deal is struck.In a document shared with other countries this week, Italy, Poland, Greece, Belgium and Slovenia proposed two options: either a far lower fixed price cap of 160 euros/MWh, or a “dynamic price cap” with a value that was 75 per cent fixed and 25 per cent fluctuating in response to existing liquefied natural gas price benchmarks.
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