Gas price cap decisions at today’s Energy Council

A Czech EU presidency proposal for a gas price cap of 188 euros per MWh, which would be triggered if wholesale prices have exceeded this level for three days at the TTF index, represents a good compromise solution, Greek energy minister Kostas Skrekas noted today ahead of the day’s Energy Council of EU energy ministers.

A gas price cap of 188 euros per MWh is well below a price cap of 275 euros per MWh initially proposed by the European Commission, which Greece, along with a number of countries, including Belgium and Poland, have rejected as too high.

This group of countries preferring a lower gas price cap believes a level of less than 200 euros per MWh is needed if higher natural gas prices for consumers are to be countered.

Decision on the price cap’s details are expected today following a political decision reached by EU leaders at last week’s Summit.

EU energy ministers are expected to decide on the gas price cap level, whether it will be applicable at all EU energy exchanges, and if it will be suspended should any EU member state request the measure’s suspension for reasons concerning supply security.