EU Gas Cap Seen in Place for One Year, Countries at Odds over Price Level

The European Commission proposed introducing a gas price cap for one year from Jan.1, 2023, according to draft legislation seen by Reuters that has so far left the actual ceiling level blank. The idea to cap prices has divided EU countries for many months. The Commission's latest proposal will be debated by energy ministers from the bloc's 27 member countries on Thursday. An EU official said the Commission would propose a price higher than backers of the cap want. One diplomat from that camp said the majority group expected the limit at around 150-180 euros per megawatt hour (MWh) for the cap to be activated several times in a year. "Otherwise, we'll have a cap on paper that will in practice never kick in," said the diplomat, who spoke under condition of anonymity. Read more.