White smoke on ceiling on the price of gas to the EU Energy Council. After months of discussions, the ministers of the 27 have finally reached political agreement on the gas market correction mechanism: 180 euros per megawatt hour. Also the Germany, after lengthy negotiations, gave its approval. To put his feet down is only theHungaryinstead Austria e Holland they chose abstention. To pass, the proposal required the support of a strengthened majority of 15 countries representing at least 65% of the EU population. The Minister of the Environment and Energy Security, Gilberto Pichetto Fratin, commented: "It is a victory for Italy".
Germany, the Netherlands and Austria feared it could disrupt European energy markets and divert much-needed gas shipments out of the EU. They asked for stricter conditions, such as automatic suspension of the roof in case of unintended negative consequences.
Gas price cap: when will it come into effect?
Il gas price cap will come into force on 15 February and will not apply to over-the-counter transactions. According to some European sources, the difference between the price of the TTF and the global reference indices is set at 35 euros, as envisaged in the latest proposal from the Czech presidency. Prices would have to stay above both ceilings for three days to trigger the mechanism.
Furthermore, one of the points included in the agreement provides that "the European Commission may, if appropriate, also propose amendments" to the regulation on the gas price ceiling "to include derivatives traded on unregulated markets (over-the-counter, Otc), or to review the elements taken into consideration for the reference price of gas".
