The Maltese Minister of Environment and Energy, Miriam Daly, announced today, Monday December 19, that the energy ministers of the European Union agreed to set the ceiling for the price of gas in the Union at 180 euros per megawatt per hour.
”It was agreed on a price cap and when the market correction mechanism could be triggered,” Daly told reporters. “Each country has been able to compromise on several different points, with the complete understanding that we have to decide to ensure we get to a mechanism that can be activated and help calm the market.
”We will continue to monitor, especially when we talk about setting the price ceiling at 180 euros,” she added.
A source in the European Union confirmed earlier today that the energy ministers of the Union, during a meeting that brought them together today, reached a political agreement on the gas price ceiling within the framework of the market correction mechanism.
Energy ministers in Europe are seeking to agree on a mechanism to set a ceiling for wholesale gas prices, an issue that still causes great division in the European Union, as they are discussing a settlement developed in Brussels by the Czech Republic, which currently holds the rotating presidency of the European Union.
EU spending on gas imports nearly quadrupled year-on-year to €75 billion ($73.6 billion) in the second quarter of 2022, with nearly a third of that amount, or €23 billion, spent on Russian gas resources.