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The EU has not reached an agreement on the natural gas price limit mechanism

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Xinhua News Agency, Brussels, November 24 (Reporter Lin Hao) EU energy ministers held a special meeting on the 24th and failed to reach an agreement on the previously proposed natural gas price limit mechanism. They will hold another meeting to discuss in mid-to-early December.

The Minister of Industry and Trade of the Czech Republic, which holds the rotating presidency of the EU, said after the meeting that the EU energy ministers have very different views on the level of the natural gas price ceiling, and will hold another special meeting in mid-to-early December to try to reach an agreement on the natural gas price limit. unanimous. Sikla posted on social media that at the special meeting that day, EU energy ministers reached agreement on measures such as joint procurement of natural gas and accelerated deployment of renewable energy.

The European Commission proposed on the 22nd that a natural gas price limit mechanism will be implemented from January next year. Once the fluctuation of natural gas prices in the European market meets the pre-set conditions, the mechanism will start and set the natural gas price ceiling at 275 euros per megawatt hour.

According to the proposal, the trigger condition for this natural gas price limit mechanism is that the Dutch Title Transfer Center (TTF) natural gas futures price, which is the European natural gas benchmark price, exceeds 275 euros per megawatt-hour for two consecutive weeks, and the TTF natural gas price and the global LNG price The price difference between them has reached or exceeded 58 euros for ten consecutive trading days. The European Commission also stated that when the market price no longer meets the set conditions, or the price limit affects European energy security, the mechanism will be suspended at any time.

Market analysts pointed out that the current price ceiling is higher than expected, which may not achieve actual results and instead affect the operation of the energy market. Currently, TTF gas prices remain at around €120 per MWh.

(Editors in charge: Yu Yang, Cui Yue)

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