The energy ministers of the European Union (EU) reached an agreement on Monday in Brussels to establish a maximum limit for the price of imported gas, of 180 euros per Megawatt-hour (MWh), revealed European sources.
The compromise on the gas market correction mechanism, for which a qualified majority was required, was reached after several weeks of negotiations with Hungary voting against and the Netherlands and Austria abstaining, while the rest of the Member States voted yes. please, added European sources.
This is the temporary emergency measure proposed at the end of November by the European Commission to create a price correction mechanism in certain operations of the Securities Transfer Market in relation to natural gas, the TTF, which can be activated at high prices during several consecutive operations. days to limit excessive increases.
This “last resort measure” aims to deal with excessive price situations by establishing a maximum dynamic price at which natural gas transactions can be carried out one month in advance on the markets of the TTF, the main European natural gas exchange.
The agreement was reached in what was the last attempt of the year and under the biannual Czech Presidency of the Council of the EU, and comes four days after the Heads of State and Government of the Union, meeting in summit last Thursday in Brussels, have given a clear mandate to their energy ministers to finalize an understanding today.
“The European Council welcomes the progress made and invites the Council to complete its work on […] a regulation that establishes a market correction mechanism to protect citizens and the economy against excessively high prices”, underlined the EU leaders, in the conclusions of the summit.
Source: TSF
