Closer to the final agreement on the natural gas price ceiling is now 27 for the European Union, as at the summit inagreed to “close” the case on December 19, In the next power session.
The rapprochement between the leaders of the member states of the European Union, is approaching now because time is pressing, as the Greek Prime Minister explained, Kyriakos Mitsotakis saying it should have been resolved by December 19 in his intervention.
The text of the conclusions, as Politico points out, explicitly refers to the final resolution decision next week, referring to a mechanism that closely monitors developments in energy markets and intervenes whenever appropriate. The goal, as mentioned in the text of the conclusions, is to create sufficient security in light of the coming winter (2023-2024), when the crisis will continue.
Read here in detail the text of conclusions provided by Politico:
As Politico also notes, EU leaders have agreed to task energy ministers with finalizing an agreement on a bloc-wide gas price cap next week.
It should be noted that an agreement on the European Commission’s so-called market correction mechanism is mostly settled, apart from answering one crucial question: at what price will trigger the mechanism? Energy ministers are scheduled to meet on Monday to reach a final agreement.
potential snag, Politico says
However, as Politico notes, just when everyone thought all was starting to go well with the gas price cap talks, another potential roadblock emerged. Intercontinental Exchange (ICE), the US company that operates the EU’s main gas exchange, TTF, has warned that it may pull out of the Netherlands if the cap is imposed.
In a note sent to EU diplomats and seen by Politico, the exchange operator said that if the current terms are agreed, the cap will be introduced “without time for robust testing and comprehensive risk management. Thus, ICE as the market operator is responsible for considering all options.” If this mechanism is agreed upon, even and whether the effective market in the Netherlands is still applicable.”
An EU diplomat said the warning “frightened” some capitals. Expect that to be on the minds of energy ministers when they meet to hammer out a deal on Monday.
Mitsotakis at the European Council: to urgently close the ceiling issue on December 19th
Earlier, Prime Minister, Kyriakos Mitsotakis during his intervention Confirmed that while a cap formation order (price correction mechanism) Since last October, it has not yet been implemented. XExplain that The case should be closed on Monday at the Energy CabinetWhile he asked to include in the text of the conclusions, which was finally done, a relevant indication of the need for an urgent termination of the case on December 19th.
During the discussion on transatlantic relations that preceded it and especially on the US inflationary law, Kyriakos Mitsotakis emphasized the need Europe to move in a coordinated manner And support European companies by putting money on the table and promoting RepowerEU.
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