Bulgaria and 11 other Countries want a Lower Gas Price Ceiling

Energy | December 12, 2022, Monday // 09:22|  views

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12 EU member states, including Bulgaria, want a significant reduction in the proposed gas price ceiling, Bloomberg reported.

The aim is to reduce the effect of the unprecedented energy crisis on consumers and businesses in the Union.

The request comes just two days before an emergency Energy Council in Brussels, where member states will try to reach an agreement on the cap. The group has enough votes to block it if its demands are not met, said an EU diplomat, speaking on condition of anonymity.

According to the proposal of the European Commission from November, the correction mechanism for the gas market will be activated when the price of the TTF hub contracts concluded the previous month exceeds 275 euros per megawatt hour and the difference between world prices exceeds 58 euros.

Earlier this month, the government of the Czech Republic, which currently holds the rotating presidency of the EU Council, proposed lower values – 220 euros per megawatt hour, a difference of 35 euros.

However, some countries want an even lower ceiling, according to Bloomberg.

For Bulgaria, the ideal price ceiling is below BGN 200(EUR 102), said Energy Minister Rosen Hristov at the previous Energy Council in Brussels on November 24.

Along with Bulgaria, Greece, Italy, Belgium, Poland (these 4 countries are the initiators), Lithuania, Latvia, Slovakia, Romania, Croatia, Slovenia and Malta also want to reduce the ceiling. This is clear from a map published by Bloomberg.

Germany, the Netherlands and Denmark are of a radically different opinion. They want a careful approach in establishing the ceiling. Along with Hungary, Austria and Estonia, they insist that the correction mechanism should ensure that EU prices should remain competitive with those on world markets at a time when Europe is looking to diversify its supply.

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Tags: gas, price, ceiling, Bulgaria


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