European Union countries agreed on Monday to cap gas prices, after debating for months whether the measure could hinder rather than help Europe's efforts to cope with an energy crisis.
countries agreed on Monday to cap gas prices, after debating for months whether the measure could hinder rather than help Europe's efforts to cope with an energy crisis.
Gas prices have eased in recent months as the EU agreed some emergency measures, including obligations to fill gas storage, but they remain high. To trigger the cap, the front-month TTF contract must also be 35 eur/MWh higher than a reference price based on existing liquefied natural gas price assessments for three days.
Once triggered, the price cap will apply for at least 20 working days. It can then be deactivated if prices fall below 180 eur/MWh for three days.The 'Hoegh Esperanza' Floating Storage and Regasification Unit is anchored during the opening of the LNG terminal in Wilhelmshaven, Germany, December 17, 2022. Michael Sohn/Pool via REUTERS//The cap will apply to all virtual gas trading platforms in the EU.
The Netherlands and Austria abstained. Hungary was the only EU country to oppose the measure, EU officials said.
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