MADRID (Pakistan Point News / Sputnik - 10th December, 2022) Mediterranean countries of the European Union will support a dynamic limit on gas prices during the next extraordinary meeting of the Energy Council, Spanish Prime Minister Pedro Sanchez said on Friday.
In late November, the European Commission proposed a cap price that would kick in if the front-month price on the Dutch gas exchange TTF exceeds 275 Euros ($286) for two weeks and if, at the same time, TTF prices are 58 euros higher than the liquefied natural gas global reference price for 10 consecutive trading days.
"In our opinion, the proposal (of the European Commission) needs to be adjusted. We have agreed to work together on this matter so as the Energy Council that is taking place next week could reach an agreement on a ceiling for gas prices, which could be dynamic and really effective," Sanchez told journalists on the sidelines of the EuroMed 9 summit.
The Spanish prime minister also urged the EU to listen to ideas of the countries of EuroMed 9, which include Spain, France, Portugal, Greece, Malta, Cyprus, Slovenia, Croatia and Italy, as they represent 45% of the entire EU population.
On November 24, the EU energy ministers failed to agree on the proposal of the commission on gas price ceiling and are expected to discuss the matter once again during the next meeting on December 13.