Ceiling on natural gas: European Union energy ministers meet again

The energy ministers of the 27 member countries of the European Union are under pressure to reach an agreement on setting a ceiling on wholesale natural gas prices in today’s their meeting in Brussels.

Last week ministers failed to agree to lift it deadlock which lasts months on how energy prices in Europe should be bent. Reacting, EU leaders called for a solution to be found by today.

The dialogue now mainly concerns the European Commission’s proposal for wholesale price ceiling defined in (some of) the derivatives available on the Dutch gas exchange TTF (“Title Transfer Facility”).

The proposal is intended to build a bridgea between the group of member states that ask for a wider ceiling to be imposed and those countries that do not want any intervention in the market, such as Germany in particular.

However, several governments have expressed reservations about the Commission’s proposal.

They point out that the conditions set by the European Commission for activating the mechanism are too strict.

The potential compromise could include a lower price floor above which the cap would be triggered and, at the same time, mechanisms to ensure supply adequacy and market stability.

It seeks to exist unanimous decision of the energy ministers, however, if there is a sufficient number of countries, German objections to the Commission’s proposal could be overcome.

Other proposals, which have now been withdrawn from the table, included the joint supply of gas, increasing solidarity between member countries in case of shortages, speeding up licensing procedures for energy projects that use

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