“One possibility would be to limit pricing during this disruption scenario with a price cap on the European gas exchanges,” says a paper that the Commission is expected to present next week and is available to the dpa. Such a – temporary – measure would require “considerable” sums of money.
It is also said that such a measure entails challenges. “It would have to be ensured that the introduction of such a price cap does not worsen the EU’s access to gas and LNG supplies.” The issue had already been discussed long and hard at an EU summit in March. In the end there were only exceptions for Spain and Portugal. Countries like Germany and the Netherlands rejected such market intervention at the time.
The German Ministry of Economic Affairs said on Saturday that they generally do not comment on unpublished papers from the European Commission. It is clear, however, “that the question of energy price developments must be analyzed and observed precisely, both for the economy and for end consumers, also at European level”. The federal government has already taken measures with two relief packages.
MEP Michael Bloss criticized the idea. “Capping the gas price is not a solution, we are throwing billions of taxpayers’ money down the throats of Putin and other gas suppliers,” said the Greens politician to the dpa. Instead of paying the “excessively high” gas prices, a buyers’ cartel is needed. The gas price falls when, for example, the group of leading democratic industrial nations (G7) only buys gas for a low price.
Source: Nachrichten
