EU countries criticize proposed price ceiling for Russian gas – FT

The price ceiling for Russian gas at the level of 275 euros per megawatt-hour, which the European Commission proposed for consideration, is unlikely to be approved, as it has been criticized even by EU countries that support the cap on fuel prices, reports the Financial Times.

EU countries criticize proposed price ceiling for Russian gas - FT
Source: miro.medium.com

A senior EU diplomat told the publication that setting a price ceiling above €250 per MWh is “just another way to kill the cap.”

“It’s a joke. <…> This is a proposal that will not bring anything useful to anyone even under the extreme scenario observed in August. This is not a limitation,” Simone Tagliapetra, a senior fellow at the Brussels think tank Bruegel, said in her turn. She noted that this initiative threatens to undermine the credibility of the EC in resolving the energy crisis.

At the same time, the newspaper writes, members of the European energy exchange ICE opposed any price cap, stressing that such actions “will lead to a significant increase in margins, which could destabilize the market.”

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