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February 02
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The European Commission has proposed to introduce a price cap on gas prices for one year from January 1, 2023, according to a bill seen by Reuters.

The idea of a price cap has divided EU countries. The Commission's latest proposal will be discussed by energy ministers from the bloc's 27 member states on Thursday. An EU official said the Commission would offer a higher price than supporters of the cap want.

One diplomat in that camp said the majority group expected the cap to be about 150-180 euros per megawatt-hour (MWh) so that the cap would be activated several times a year.

The Commission's bill, which must be approved by EU countries, said the market correction mechanism was meant to prevent any repeat of the price spikes seen last August.

On Thursday, ministers will discuss the cap formula, the exact cap, and the size of the gap between the TTF mechanism - the Netherlands-based gas exchange that serves as Europe's benchmark for pipeline gas - and global LNG prices.

As always divided, EU countries are unlikely to agree on these important details of the cap this week, sources said.

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