European Union countries are considering a proposal to cap gas prices at lower levels than suggested to date, before the bloc's energy ministers meet on Monday to attempt to approve the measure, according to a document seen by Reuters.
Despite months of negotiation and two emergency ministerial meetings over the EU's proposal for a cap, countries have not reached agreement over it and are at odds over whether it could ease or in fact worsen Europe's energy crisis.
Its proposal would trigger a cap if prices on the Dutch Title Transfer Facility gas hub's front-month contract exceed 188 euros per megawatt hour for three days. Russia was the EU's biggest gas supplier before it invaded Ukraine in February. Moscow has since cut off the majority of the gas it sends to Europe, causing prices to spike and driving record-high inflation.
Once triggered, the cap would prevent trades being done on the front-month to front-year TTF contracts at a price more than 35 eur/MWh above a reference price comprised of existing liquefied natural gas price assessments.
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