European Union nations are engaged in crunch talks to cap gas prices, with energy ministers Monday seeming optimistic about a deal following two months of tough negotiations, SIA refers to Reuters.
“There will be difficult discussions, but I am confident in our ability to reach a collective agreement,” French Energy Minister Agnes Pannier Runacher said.
A draft text seen by Reuters would see a cap triggered if front-month contract prices on the Dutch TTF, Europe’s main benchmark for natural gas prices, exceed 188 euros per megawatt hour for three days.
Runacher said France would be “comfortable” with a range of “160 to 200 euros [eur/MWh], and we feel that this price range converges with that of the presidency.”
On Monday morning, ministers referred to the measure as a “gas market correction mechanism” rather than a cap. Belgian Energy Minister Tinne van der Straeten said the draft text refers to the proposal under this name.
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