The European Commission's proposal to cap gas prices at 275 euros per megawatt hour (MWh) is insufficient and too high, Italian Energy and Environment Minister Gilberto Picetto Fratin said, Reuters reported.
"It can certainly be a first signal, but a cap in this way and so high, we think it is insufficient. On the contrary, it risks fuelling speculation rather than being the tool to contain it," he told the SkyTG24 broadcaster.
EU energy ministers are to discuss a proposal formulated after months of disagreement within the bloc over how to contain a surge in energy prices.
"Tomorrow we will see ... but as it is, (the proposal) is not to our liking," Pichetto Fratin said.
Under Brussels' proposal, the restriction would take effect if the first-month price on the Dutch gas exchange Title Transfer Facility (TTF) exceeds 275 euros/MWh for two weeks and if, at the same time, prices are 58 euros higher than the global reference price for liquefied natural gas for 10 consecutive trading days.
According to critics, the EU executive has set the bar too high for activating the mechanism. At the moment, the first month TTF price is around 125 euros.
