Europe is considering whether to extend an emergency gas price cap introduced earlier this year because of fears that the conflict in the Middle East and a pipeline sabotage might elevate prices this winter, the Financial Times reported, citing a presentation to diplomats that it had seen.
(Bloomberg) — Europe is considering whether to extend an emergency gas price cap introduced earlier this year because of fears that the conflict in the Middle East and a pipeline sabotage might elevate prices this winter, the Financial Times reported, citing a presentation to diplomats that it had seen.
There was “no indication of negative effects” since the cap had been introduced, with gas prices almost 90% lower than last year, according to the document.
Senior EU diplomats and officials told the newspaper that the decline in energy prices and record high gas storage may not be enough to offset concerns about the impact of the conflict or potential acts of sabotage to gas infrastructure. The presentation seeks to also prolong separate emergency legislation that allowed member states to accelerate permitting of wind farms and solar power parks, the report said.
The commission is due to present a proposal next month on which measures should be prolonged, according to the report.
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