Brussels to examine PM’s gas price ceiling proposal

The European Commission has listed, for consideration, a proposal by Prime Minister Kyriakos Mitsotakis for a temporary price ceiling on wholesale natural gas prices, and, by extension, electricity prices, tabled during an extraordinary meeting of EU-27 leaders in France yesterday, government sources have informed.

The session, which concludes this afternoon, appears be focused on accumulating a package of measures to contain natural gas prices and offer support to households, businesses and farmers.

“A European response is needed to protect consumers, businesses and farmers from fluctuations in gas prices and, consequently, electricity, which are not governed by the law of supply and demand but are the result of gas market profiteering,” the Greek Prime Minister told reporters going into the meeting.

A proposal by French President Emmanuel Macron for a Eurobond issue failed to register as it was rejected by a number of leaders from the north, including Germany and the Netherlands.

Final decisions are expected at the next summit, scheduled for March 24 and 25.