Breaking News
Investing Pro 0
Cyber Monday Extended SALE: Up to 60% OFF InvestingPro+ CLAIM OFFER

In absence of EU gas price cap, some countries plan to propose their own

Commodities Sep 30, 2022 01:51PM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters. FILE PHOTO: European Union flags flutter outside the EU Commission headquarters in Brussels, Belgium, September 28, 2022. REUTERS/Yves Herman

By Kate Abnett

BRUSSELS (Reuters) - A group of European Union countries will take the unusual step of drafting their own legislative proposal for an EU gas price cap, Poland's climate minister said on Friday, amid scepticism from Brussels over the idea.

At a meeting on Friday, ministers from EU countries debated whether to cap gas prices to tame soaring energy costs and inflation - an idea that has support from at least 15 states, but which is opposed by others including Germany, Europe's biggest gas market.

Polish climate minister Anna Moskwa said after the meeting - which did not yield a firm commitment from Brussels that the EU will propose a price cap - a group of countries would make a proposal of their own.

"We will prepare a legislative proposal when it comes to gas price caps," Moskwa told Reuters in an interview. Poland, Belgium, Italy and Greece are among the states that will draft the proposal, she said.

"We will draft a proposal and we will present it to the Commission and I hope the Commission takes it," she said.

EU policies are usually proposed by the European Commission, after which EU countries and the European Parliament negotiate and approve the final law.

Moskwa said the proposal would cover wholesale gas prices, and be ready for EU energy ministers to discuss at a meeting on Oct. 11.

The Commission said on Friday it would work with countries to develop ideas to tame gas prices ahead of a meeting of EU leaders next week, but did not explicitly agree to propose a broad gas price cap.

Brussels has warned that a wholesale price cap on all gas transactions - both imports and domestic trades - could require significant financial resources, and come with risks.

"This would clearly have an effect on prices, but would also effectively mean the suspension of EU's gas market and create risks to security of supply," EU energy commissioner Kadri Simson told a news conference after an EU energy summit.

"To take such a drastic step in a responsible way, a number of preconditions would be non-negotiable," Simson said, adding that one condition would be a mandatory cut in EU gas demand, to ensure lower prices do not cause a spike in gas use.

In absence of EU gas price cap, some countries plan to propose their own
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email