EC Calls On UK And Switzerland To Participate In Gas Price Ceiling
According to suggestions made by the European Commission before a meeting of the EU’s energy ministers, the UK and Switzerland should also be included in the EU’s mechanism for restricting gas prices for power generation, according to sources cited by Bloomberg.
At a conference on October 25, energy ministers from EU nations will debate introduction of additional measures in response to the energy crisis, including to lower costs. The heads of states urged the European Commission and the EU Council to quickly decide on a number of measures, including the conduct of mandatory joint procurement of the fuel for the EU, creating a temporary dynamic price corridor, and the introduction of an additional price benchmark for gas. These measures would better reflect the market situation than the widely accepted TTF.
According to the agency’s input, « the executive body of the bloc urges EU members that this price ceiling should be extended to electricity importing countries, such as the UK or Switzerland, in order to be effective. »
In addition, the EU plans to charge more for electricity exports than for sales on the union’s internal market. As the source emphasized, a number of international agreements between the partners forbid such pricing.