Greece, gas price cap partners seeking to convince Germany

Greece, one of five EU member states most supportive of a price cap on natural gas, is busy preparing a latest collective effort, with its partners, to convince Germany of the need for an adjustable price cap on gas at an informal meeting of EU energy ministers in Prague tomorrow.

The prospects remain ambiguous but Berlin now appears ready to consider the extension of a common loan, as part of the plan, as long as the funds are extended as loans and not as subsidies. Until now, Germany, along with the Netherlands, have opposed to such a solution.

A briefing to be held today ahead of tomorrow’s informal meeting should indicate whether consensus can be achieved between the EU’s 27 energy ministers.

The status of tomorrow’s meeting was deliberately kept informal for greater flexibility towards achieving a solution. If the fundamentals for measures are set during this preliminary phase, they could be finalized at the next official EU summit, scheduled for October 20 and 21.