The countries of the European Union reached an agreement today to establish a price ceiling for gas imports at 180 euros per megawatt-hour (MWh) for imports in the Dutch reference index (TTF).
Finally, the unanimity that was expected has not been achieved. The agreement has gone ahead with Hungary voting against, the Netherlands and Austria abstaining, but it has managed to convince Germany, until now one of the countries that had most opposed putting a cap.
"I want to thank all my colleagues who have shown the best European spirit today", congratulated the Minister of Energy of the Czech Republic, Josef Síkela, whose country closes its rotating presidency of the Council with one of the great debates of these six months.
By virtue of the agreement, the approved mechanism will be activated when the price exceeds 180 euros per megawatt-hour in the European market for three consecutive days and there is a difference of 35 euros with respect to the liquefied natural gas market in international markets.
The agreement reached is far from the initial proposal of the European Commission that raised a maximum ceiling of 275 euros per megawatt with a difference of 58 euros with respect to international markets and for three weeks. A proposal that all countries saw as practically impossible to be able to apply.
Thus, it is possible to put an end to weeks of negotiations, in which a group of countries led by Spain, France, Italy, Belgium or Poland asked to apply a ceiling to the price of gas and avoid price escalation, especially to avoid episodes such as the last August when it reached 350 euros per megawatt-hour.
With the agreement reached, it is also possible to unlock two regulations that were pending final approval to accelerate renewables and a solidarity mechanism that will allow, among other things, joint purchases of gas.
The energy ministers have managed to unblock one of the great debates, but after six extraordinary meetings they have reached an agreement that seemed impossible. However, the Heads of State and Government at the summit last Thursday urged the ministers to close an agreement today.
