VIENNA (Pakistan Point News / Sputnik - 25th October, 2022) EU members have a different understanding of the gas price cap, which is why the European Commission should give explanations, Austrian Energy Minister Leonore Gewessler said Tuesday.
"We will talk about the joint purchase of gas, I have been calling for this for a long time, I am glad that now there are specific proposals. If we join forces to fill the gas reservoirs for next year, we will strengthen energy security and help stabilize prices... The second topic is a measure to interfere with pricing to bring prices down... Many questions remain open on these measures, I expect the EC to give concrete answers to this today," Gewessler said ahead of the meeting of EU energy ministers in Luxembourg.
According to Gewessler, the European Commission's proposal refers to a gas "price corridor with a very specific index," but the member-states of the EU don't have a uniform understanding of this term.
"The central issue from my point of view is security of supply," the minister added.
After the beginning of Russia's military operation in Ukraine in February 2022 and the adoption of several packages of sanctions against Moscow by the West, energy prices have skyrocketed in Europe, placing energy security high both on the global and national agenda. At the same time, the EU has been looking for alternatives to Russian natural gas as it has pledged to end its dependence on energy supplies from Russia. EU countries are also discussing the introduction of a price cap on gas supplies from Russia similar to the one suggested by G7 for Russian seaborne oil.
