BUDAPEST (Pakistan Point News / Sputnik - 24th November, 2022) Hungary will speak against recent European Commission proposals at the upcoming extraordinary EU Energy Council, as they would threaten the country's energy security, Hungarian Foreign Minister Peter Szijjarto said on Wednesday.
"An extraordinary EU Energy Council meeting will take place in Brussels, with a number of issues around the European energy crisis being on the agenda. Unfortunately, Brussels' proposals exacerbate the crisis rather then resolve it... We will not agree on any initiative tomorrow that would threaten security of energy supplies to Hungary," the minister wrote on social media.
Szijjarto also stated that the Commission's initiatives could be damaging for Europe as they would curb volumes of oil and gas on the energy market, which, in turn, may lead to further price increases.
On Tuesday, the European Commission presented a Market Correction Mechanism that sets a price ceiling of 275 Euros ($283) for gas futures on the Title Transfer Facility (TTF), which is a virtual trading hub for natural resources used as a price benchmark in the EU, to lower gas prices.
Hungarian officials have repeatedly said that the idea of introducing a price cap on gas is politically motivated and will cause deficits in the energy market.
