European Union countries will consider on Friday a proposal for a gas price cap slightly lower than a Brussels proposal that some view as too high, with a handful of countries pushing for an even lower limit, documents seen by Reuters showed.
European Union countries start negotiations on Friday evening on the European Commission's proposal for a cap to limit gas price spikes, and are racing to reach a deal by Dec. 13.
Some countries criticised the original EU proposal, including suggestions it was designed with such a high price and with criteria so strict that the cap would never be triggered, and thus fail to cushion their economies from price spikes. The revised proposal, seen by Reuters, would also extend the cap to cover not only the front-month gas contract, as the Commission proposed, but contracts with expiry dates as far forward as a quarter-year.
In a document shared with other EU member states this week, Italy, Poland, Greece, Belgium and Slovenia proposed two options: either a far lower fixed price cap of 160 euros/MWh, or a "dynamic price cap" that could fluctuate in response to existing liquefied natural gas price benchmarks.
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