European Union member states are racing to reach an agreement on a plan to cap natural gas prices in time to deal with the cold winter months. After months of discussions, the bloc has been unable to reach an agreement.
In an effort to reach a consensus, energy ministers descended on Brussels on Monday to discuss the latest draft prepared by the Czech government. The proposal seeks to lower the cap to €180 ($191) per megawatt-hour.
Previously, a proposal to lower the cap to €188 was introduced on Saturday, while a proposal for a €275 cap was submitted last month.
“Today we have to agree on a mechanism which will prevent the European households and businesses from high gas price spikes that we have seen during the last summer,” Czech Industry Minister Jozef Sikela commented. Sikela added that he believes that a consensus on a natural gas price cap can indeed be reached within the next few days after EU leaders last week expressed their desire to find a solution.
On Monday, benchmark Dutch front-month gas futures were trading at €110 per megawatt-hour.
