The European Union (EU) energy ministers are debating this Thursday the European Commission’s proposal for a last resort mechanism that will prohibit transactions from 275 euros per Megawatt-hour (MWh) on the main European natural gas exchange.
Announced on Tuesday, this proposal for a “safety ceiling” will be presented to the European ministers responsible for it by the European Commissioner for Energy, Kadri Simson, on which occasion the person in charge will explain what this market correction mechanism consists of, aimed at limiting peaks excessive gas prices.
In this, which is the first discussion on the proposal, an agreement is not expected for now.
What is certain is that EU energy ministers will try to reach agreement on two emergency measures previously proposed by the Commission to tackle the ongoing energy crisis, one referring to strengthening solidarity through better coordination of gas purchases, cross-border exchanges and prices reliable benchmarks, and another on speeding up licensing procedures for renewable energy projects.
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