The EC is Considering Limiting the Price of Gas in Europe in Emergency Situations
Next week, the European Commission (EC) will offer an opportunity to limit the price of gas in Europe in the event of problems with Russian fuel supplies. This was announced by the newspaper "El Pais", referring to a draft document that could be approved on May 18.
According to the newspaper, the initiative is part of a package of measures that Brussels is preparing in case of an emergency with gas supplies. The plan also includes "coordinated distribution and reduction of demand," the newspaper said. The regulated tariff will be valid only in emergency situations.
Brussels believes that the measures taken under the national plans will not be enough in the event of a complete disruption of supplies from Russia. The EC points out that if such a problem affects several EU member states at the same time, "additional measures will be needed". "Based on the principle of solidarity, the reduction in gas demand in the less affected Member States should be seen in the interests of the more affected countries," the draft said.
The EC believes that this type of market intervention is likely to require "a maximum regulated price of gas supplied to European consumers and businesses for the duration of the state of emergency declared by the EU". One possibility is to limit the price at which gas is traded on European stock exchanges.
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