EU energy ministers agree on price cap for all gas imports

EU energy ministers agree on price cap for all gas imports
Credit: Belga/Kurt Desplenter

The European Commission has agreed to work out a general price cap on all gas imports, meaning it will not only apply to gas from Russia but also to imports from countries such as Norway, decided the various EU Energy Ministers on Friday.

The agreement means that Belgium and Energy Minister Tinne Van der Straeten have been able to succeed in their efforts of going a step further than the Commission's proposal of only putting a cap on Russian gas.

"The Energy Council gave a clear signal to the European Commission. A price cap on all EU gas imports, not only on Russian gas," Van der Straeten announced via Twitter. "A swift implementation is now necessary before the heating season starts. This can bring urgent financial relief for European households and industries."

Now, the European Commission has to work out a concrete proposal by next week.

In addition to a price cap, the Commission should also work on measures to skim off the profits of cheap energy producers, as the Energy Ministers want to put a stop to wind or nuclear energy being sold at the very high gas price despite the relatively low production costs.

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