A European Commission proposal for a gas price cap of 275 euros per MWh will be strongly opposed at today’s meeting of the EU’s twenty-seven energy ministers by representatives of fifteen EU member states, including Greece, fearing this proposal could result in higher gas prices.
The fifteen energy ministers are expected to demand a lower price cap level of between 150 and 200 euros per MWh, which they view as the only possible solution that could secure lower prices.
Their approach, however, is opposed by a small yet powerful group of four EU member states, comprised of Germany, the Netherlands, Sweden and Finland, who fear a low price cap level could repel LNG suppliers and send them away to non-European markets.
Besides Greece, other EU member states in favor of a lower gas price cap level include Belgium, Bulgaria, France, Italy, Latvia, Lithuania, Poland, Romania and Spain.
A final decision on the issue is not expected at today’s meeting and will most likely be deferred until the next Council meeting of EU energy ministers, scheduled for December 19.