European Union Energy Ministers Fail To Agree On Gas Prices ...| MENAFN.COM

Saturday, 03 December 2022 07:45 GMT

European Union Energy Ministers Fail To Agree On Gas Prices Cap


(MENAFN- Kuwait News Agency (KUNA)) BRUSSELS, Nov 24 (KUNA) -- European Union Energy Ministers were unable to agree on gas cap prices to mitigate the energy crisis in Europe during their meeting in Brussels Thursday.
'We need an effective measure to cap the gas price when it's necessary. Excessive prices can cause severe hardship both to our citizens and serious damage to EU's industry and businesses. This has been the clear - and fully justified - message from many Member States,' EU Energy Commission Kadri Simson told a news conference after the meeting in Brussels this evening.
'Today's discussion showed that despite different views around the table, finding a broadly supported solution is possible,' she said.
However, Jozef Sikela, Czech Minister for Industry and Trade, whose country holds the current EU Presidency told the joint press conference that the gas price cap 'was not discussed today.'
The so-called 'market correction mechanism' proposed by the European Commission would be triggered as soon as the price of gas exceeded 275 euros
(USD 286) per megawatt hour for two consecutive weeks.
The European Commission's proposal was criticised by a number of EU energy ministers
'The gas price cap doesn't satisfy any single country,' Polish minister Anna Moskwa , said.
In a related development, Belgian Prime Minster Alexander to De Croo, said the cap on gas prices ' is a slap in the face. We can even call it a dangerous proposal because it does nothing to reduce the risk of deindustrialisation in Europe.'
The proposal is thus inadequate prime minister Alexander De Croo argued as reported by Belga news agency. (end)
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