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Tuesday, November 29, 2022
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Commission is ‘fooling the world’ with gas price cap proposal, says Spanish government

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The mechanism proposed by Brussels stipulates that a ceiling will be placed on the price of natural gas if it exceeds 275 euros per megawatt hour for two consecutive weeks.

THE Spanish government accused her today European Commission that it is “making a fool of the world” with its proposal for a temporary cap on its price natural gasassuring that Madrid “will strongly oppose”.

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“We asked the European Commission to work out a proposal and, at the last minute, it presents us with this proposal, which is not a proposal,” Ecological Transition Minister Teresa Ribera told reporters, calling the mechanism wanted by Brussels a “joke.”

“What this proposal will cause is the opposite of what was requested: it will cause a significant increase in the price, it will endanger all the policies to rein in inflation”, continued the minister, accusing the Commission of “fooling the world”.

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The Commission proposed on Tuesday a temporary mechanism to cap the wholesale price of natural gas, but under very strict conditions, to convince member countries wary of the measure.

“I know there is indignation in most member countries” about this proposal, Ribera said, stressing that Madrid “will strongly oppose” this mechanism at tomorrow’s meeting of energy ministers. “The Commission will hear very harsh things from the vast majority of ministers,” he added, calling on Brussels “to submit a serious proposal.”

“Otherwise, we will simply stop supporting the Commission’s proposals on other issues that may be important to it,” he warned.

The mechanism proposed by Brussels stipulates that a ceiling will be placed on the price of natural gas if it exceeds 275 euros per megawatt hour for two consecutive weeks. This happened only once this year, at the end of August, when the price briefly reached 350 euros, when the “27” were trying to fill their warehouses ahead of the winter. Today the price is around 120 euros per megawatt hour.

A spokeswoman for the Commission interviewed by AFP admitted that, based on the conditions set by the mechanism, it would not have come into force in August, as the ceiling of 275 euros was not exceeded for two consecutive weeks.

RES-EMP

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Nina
Nina
I have worked as a journalist for over 8 years. I have written for many different news outlets, including the New York Times, Wall Street Journal and CNN. I have also published my own book on the history of the world. I am currently a freelance writer and editor, and I am always looking for new opportunities to write and edit interesting content.

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