Agreement would limit prices at €188 be kilowatt hour via IrishTimesBiz
Wholesale gas prices spiked to all-time highs above €300/MWh – the equivalent of more than $500 a barrel in oil terms – over the summer after Russia cut supplies through its largest route to western Europe, the Nord Stream 1 line to Germany.
A paper sent by 11 EU capitals including Greece, Belgium and Poland to other member states at the weekend, and seen by the Financial Times, proposed a cap activated when prices reached €160/MWh for three days and €20/MWh above an average of global liquefied natural gas prices. To placate Germany, the Netherlands and other countries wary about a cap, several safeguards have been inserted into the regulation that make the ceiling quicker to remove should there be concerns about gas shortages in the EU.
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