https://sputnikglobe.com/20221125/eu-awaits-difficult-time-next-year-without-russian-gas-european-commission-1104696195.html
EU Awaits Difficult Time Next Year Without Russian Gas: European Commission
EU Awaits Difficult Time Next Year Without Russian Gas: European Commission
Sputnik International
PARIS (Sputnik) - The European Union will have a harder time going through the next year if the bloc completely stops importing Russian gas, whereas a gas... 25.11.2022, Sputnik International
2022-11-25T12:57+0000
2022-11-25T12:57+0000
2023-04-12T17:04+0000
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"We need to take into account the fact that next year will be even tougher, as there will be no Russian gas. Imposing a price cap [on gas] will not automatically lead to decrease in prices for consumers. Currently, demand exceeds supply, which leads to rise in prices. That it why we need to curb our consumption," Timmermans told French newspaper Le Monde.In the interview, the EU official said he was now against the idea of introducing a price ceiling on gas.On Tuesday, the EC proposed a cap price that would kick in if the front-month price on the Dutch gas exchange TTF exceeds 275 euros ($286) 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.On Thursday, Italian Energy Minister Gilberto Pichetto Fratin said in a doorstep comment before the Energy Council in Brussels that at least 15 EU states have agreed to reject the Commission's price cap plan.The EU energy ministers failed to reach an agreement on a gas price ceiling on Thursday and are expected to further discuss the Commission's proposal at their next meeting scheduled to take place on December 13, according to Hungarian Foreign Minister Peter Szijjarto.Since 2021, energy prices in EU countries have been surging as part of a global trend. After the beginning of Russia's military operation in Ukraine in February 2022 and the adoption of several packages of sanctions against Moscow by the EU, which have been also aimed at curbing imports of Russian gas, the increase in energy prices accelerated. Energy security rose to the top of both the global and national agenda, forcing European governments to resort to contingency measures.
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EU Awaits Difficult Time Next Year Without Russian Gas: European Commission
12:57 GMT 25.11.2022 (Updated: 17:04 GMT 12.04.2023) PARIS (Sputnik) - The European Union will have a harder time going through the next year if the bloc completely stops importing Russian gas, whereas a gas price cap will not reduce costs for households, European Commission Vice-President Frans Timmermans said on Friday.
"We need to take into account the fact that next year will be even tougher, as there will be no Russian gas. Imposing a price cap [on gas] will not automatically lead to decrease in prices for consumers. Currently, demand exceeds supply, which leads to rise in prices. That it why we need to curb our consumption," Timmermans told French newspaper Le Monde.
In the interview, the EU official said he was now against the idea of introducing a price ceiling on gas.
On Tuesday, the EC proposed a cap price that would kick in if the front-month price on the Dutch gas exchange TTF exceeds 275 euros ($286) 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.
On Thursday, Italian Energy Minister Gilberto Pichetto Fratin said in a doorstep comment before the Energy Council in Brussels that at least 15 EU states have agreed to reject the Commission's price cap plan.
The EU energy ministers failed to reach an agreement on a gas price ceiling on Thursday and are expected to further discuss the Commission's proposal at their next meeting scheduled to take place on December 13, according to Hungarian Foreign Minister Peter Szijjarto.
Since 2021, energy prices in EU countries have been surging as part of a global trend. After the beginning of Russia's military operation in Ukraine in February 2022 and the adoption of several
packages of sanctions against Moscow by the EU, which have been also aimed at curbing imports of Russian gas, the increase in energy prices accelerated. Energy security rose to the top of both the global and national agenda, forcing European governments to resort to contingency measures.
