Current Gas Price Cap ‘ASAP’ – POLITICO

European Council President Charles Michel has asked European Commission President Ursula von der Leyen to put on the table legislation for a price cap on natural gas in the EU « as soon as possible », according to a letter obtained by POLITICO.

Michel’s letter, dated November 7, urges the Commission not only to present a « temporary price corridor on natural gas transactions » in time for ministers to discuss it at the November 24 Energy Council, but also to « share with me the planned timetable » for the work on the subject to be completed.

This follows a meeting on Monday in which the Commission told representatives of member countries that capping the price of gas in EU markets was risky, almost unworkable and inadvisable, three EU diplomats said.

Michel’s missive hits back harshly, pointing out that heads of state and government specifically called for such a move at last month’s European Council summit.

« In the conclusions jointly agreed by the 27 leaders, we decided on a clear framework for further actions. In particular, paragraph 18 identifies… what concrete decisions should now be taken urgently – including a corridor of temporary pricing on natural gas transactions, » the letter read. « Energy ministers met Oct. 25 to move forward on this framework. However, in order to make further progress and deliver results, legislative proposals need to be put forward quickly by the Commission to complement the 18 October package. »

« The European Council remains seized of this issue and will give new impetus to the process if necessary », concluded Michel.

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