As temperatures drop across the European continent, EU members continue to struggle to come to an agreement on a gas price cap.
- Dec 07, 2022, 11:00 AM CST
The 27 members of the EU are currently discussing the cap proposed by the European Commission last month, which did not win unanimous support when it was presented to everyone. On the contrary, the level that the Commission had set for the cap was widely considered to be too high and combined with such conditions as to effectively make the cap impossible to implement.
Mostly, the opposition seems to focus on the level of the price cap, which is why Czechia this week came up with an alternative, lower cap, at 220 euro, according to a BloombergThe current rotating president of the EU proposed not just a lower ceiling but also a shorter period before the cap enters into effect from two weeks to five days, which, in all fairness, would make a lot more sense: this summer, when gas prices topped 300 euro per MWh, they did not remain at 275 euro or more for two...
“I’ve already said that we can’t have a cap that is too low; otherwise, we can’t have supplies,” French President Emmanuel Macron said this week at a meeting of EU leaders in Albania. “There must be a cap mechanism to prevent peaks. That’s what we’ve decided as Europeans.”
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