Calls for versatile fuel worth cap at EU-Med9 summit


Leaders of a number of Medittareanean and Southern European international locations have referred to as on Brussels to provide you with a extra versatile fuel worth cap mechanism than the not too long ago proposed cap of €220 per megawatt hour.

The name made at an EU-Med9 summit in Spain additional highlighted divisions inside the EU over the proposed cap. The bloc initially proposed a cap of €275 final month however this was met with appreciable opposition. Several EU members need no worth cap in any respect.

Spanish Socialist Prime Minister Pedro Sánchez stated the EU-Med leaders agreed to work collectively in order that the December 13 assembly between the EU’s power ministers might attain “a gas price cap that is more dynamic and effective.”

When the primary determine of €275 was proposed, Spain and others stated it was so excessive it was impossible the value would attain that determine, and due to this fact the capping mechanism would by no means should be activated.

Spain and different international locations need a a lot decrease cap and one that’s fluid, linked to a market index that may be utilized every time mandatory. This, in flip, they argue, would assist each international locations and customers in a extra practical method.

The power disaster triggered by Russia´s invasion of Ukraine this 12 months dominated the summit. The leaders reiterated the necessity for the EU to construct on European power sovereignty and obtain independence from Russian fossil fuels.

French President Emmanuel Macron stated Friday’s talks produced “real convergence toward both security of (energy) supplies and reduction of gas prices.” 

He stated the leaders share “collective support for grouped purchases” of fuel and are notably aiming to make medium and long-term contracts collectively for the subsequent three to 5 years, to deliver costs down.

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