EU Commissioner says gas price cap deal 'within reach'

ISTANBUL

The gas cap deal is within reach but needs the will to compromise from everyone, EU Commissioner for Energy said Monday.

"I strongly believe that the deal is within reach. Of course, it requires a very strong spirit of compromise from everyone... we aim to facilitate an efficient and balanced approach," Kadri Simson said during her doorstep speech ahead of a meeting of EU energy ministers in Brussels.

Energy ministers are negotiating today a cap on the price of gas imports at €188 ($200) per megawatt-hour (MWh) in contracts indexed to the Amsterdam TTF index, according to the latest proposal seen by Spanish news agency EFE.

She noted that they also have other proposals on their agenda that require agreements.

The minister will also evaluate proposals for a regulation on methane emissions reduction that would require the oil, gas, and coal sectors to measure, report and verify methane emissions for a REPowerEU directive that would amend EU legislation on renewable energy, energy efficiency, and energy performance of buildings, and for CORSIA (Carbon Offsetting and Reduction Scheme for International Aviation).

If energy ministers could agree on all topics, it will be a "very successful" day on the legislative side, Simson said and added: "Last week, I saw a willingness to find an agreement. I believe that these additional six days were necessary and we will conclude all these necessary files."

EU countries failed to reach an agreement on a price ceiling for natural gas last week.

The European Commission proposed to implement a correction mechanism for gas prices in the markets last month to avoid the kind of dramatic price spikes seen in the summer.

The last proposal of €275 per MWh prepared by the Czech Republic, which holds the presidency, to achieve reconciliation among the member states was found insufficient by 12 EU nations.