MOSCOW (Pakistan Point News / Sputnik - 12th December, 2022) European Commission President Ursula von der Leyen on Monday urged EU energy ministers to agree on the commission's recent proposals on energy security, including a controversial gas price ceiling.
The European Commission proposed a price cap 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.
"Some of our proposals are still under discussion and they are essential for our energy preparedness; therefore, I call on the Council (of the EU) to adopt them swiftly because preparing for the next winter, winter 2024, starts now," von der Leyen said during a joint press conference with head of the International Energy Agency Fatih Birol in Brussels.
In late November, EU energy ministers agreed to buy gas collectively in order to meet the required level of gas input in storage facilities and ensure reliable supplies to EU countries. EU states will buy 13.5 billion cubic meters (bcm) of gas together next year through the EU Energy Platform to refill their gas storage ahead of the next winter.
The agreed measure won't be enough for the EU to ensure its energy security over the next years, von der Leyen claimed.
"Despite the action we have taken we might still face a gap of up to 30 bcm of gas next year. The actions that we have set in motion will help cover part of this, but more is needed," von der Leyen said.
On November 24, EU energy ministers, despite reaching an agreement on the joint gas procurement mechanism, failed to agree on the proposal of the commission on the gas price ceiling and are expected to discuss the matter once again during the next meeting on December 13.
