Italian Minister Says Majority of EU Nations Unhappy About Gas Price Cap Plan

ROME (Sputnik) - At least 15 EU nations have spoken against the European Commission's proposal to cap gas prices at 275 euros ($286) per megawatt-hour, Italy's energy minister, Gilberto Pichetto Fratin, said Thursday.

The EU's executive proposed the price ceiling this week ahead of the Thursday meeting of 27 EU energy ministers. It wants the cap to kick in if the front-month price on the Dutch gas exchange TTF exceeds 275 euros for two weeks and if, at the same time, TTF prices are 58 euros higher than the liquefied natural gas global reference price for 10 consecutive trading days.

"We just now wrapped up a meeting of countries critical of the European Commission's proposal. We agreed not to support the Commission's proposal," Fratin said in a doorstep interview in Brussels.

Asked how many countries had decided to speak against the Commission's plan, the Italian replied, "Fifteen." He added that the energy ministers would review the full package of energy support measures that the Commission planned to table at the meeting before making a decision.

After the launch of Russia’s military operation in Ukraine in February, the EU joined the United States in imposing economic sanctions against Moscow. The step exacerbated issues in the fuel market, resulting in a large-scale energy crisis in Europe, with Europeans facing skyrocketing energy bills and record inflation.

Over the past month, G7 leaders have been mulling the introduction of a price cap on Russian gas - while Moscow warned that it would not deliver gas to nations that adopt the cap.