Following a last-minute compromise agreed by the European leaders, the energy ministers of the European Union are set to begin discussions in Luxembourg today, Tuesday, about how to put an end to the severe gas fluctuations.
The accord struck last week was the very minimum that all nations, including Germany, which rejected any measure that would directly affect gas prices, could agree to.
This limit’s specifics, such as when it will go into effect and whether it will, were not yet known.
The Commission had put forward a proposal last week on the basic principles of setting a temporary limit for price rises during the trading day, which is an urgent limit for wholesale prices for gas, in addition to rules for making joint gas purchases practical.
As soon as the principle is adopted, the specifics of the price mechanisms will be examined, according to a commission spokeswoman on Monday.
And another summit for leaders could be held in the coming weeks if the energy ministers do not accept these principles at their anticipated November conference.
European Union energy ministers begin discussions about reducing gas costs.
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