EU nations are in the grips of disagreements in implementing the US-backed gas price cap, but time is short as the gas supply increases and is raising energy bills while winter rolls in.
EU Nations Must Decide Whether To Impose Gas Price Cap
The 27-nation bloc has been divided into nearly irresolvable blocs by the energy shortage connected to Russia's war in Ukraine, as demonstrated by an emergency session of energy ministers last Thursday.
A huge August uptick in natural gas prices astonished all but the richest in the EU, pressuring the bloc to look for a limit to constitute turbulent costs that are sparking rising prices, reported Republic World.
For several days, the energy ministers attempted to reach a decision that nations want as cheap energy; energy bills have been expensive.
They were Greece, Spain, Belgium, France, and Poland, but Germany and the Netherlands were not for it; they feared supplies would be cut. But no solution was ever agreed on, noted ABC News.
The Polish minister Anna Moskwa said it is already minus 10 in Warsaw as cold sets in. Natural gas and electricity costs skyrocketed as Moscow reduced gas supplies to Europe used only for heaters, power generation, and industrial processes.
European officials have alleged Russia of energy warfare to penalize EU countries for continuing to support Ukraine. The bloc was looking for a good deal for getting energy for heating but stubbornly sanctioned Russian President Vladimir Putin.
Washington's Insistence on Sanctions Threatens Gas Supply to the EU
Summits have been bogged down as Brussels, and other bloc heads called a breakthrough a month ago. A long-delayed proposal from the European Commission; the bloc's executives are supposed to set a cap limit on Tuesday, but there has yet to be a consensus or decision.
The commission set a minimum for a "safety price ceiling" to roll in if costs surpass 275 Euro per megawatt hour for two weeks and whether they are 58 Euro higher than the cost for liquefied natural gas on global markets, but the measure may not even keep prices low as last August, citing WFXRTV.
According to Greek Energy Minister Konstantinos Skrekas, a limit of 275 euros is too much from the 150 euros proposed. He added time is wasted on useless efforts.
Diplomats argue that the urgency has decreased somewhat because of the price fall since the summertime peaks, but it may quickly return if the weather turns colder than normal and supplies become limited.
There are 15 bloc members unanimous on the cap price, though Germany and the Netherlands, with another group, will not risk getting bypassed because of oil and gas prices.
Estonian Economy Minister Riina Sikkut clarified that the supply should be secured, not scare away providers. Last Thursday, it was still a stalemate.
Another official, Czech Industry Minister Jozef Síkela, who led the emergency meeting, stated that emotion was high and the proposal was considered spicy. Supply cuts caused by the Ukraine conflict a has resulted from a 40% supply to a mere 7%, but stored gas is past goals and almost complete.
The short supply led to more liquefied natural gas, or LNG, from the US, which is more expensive, to replace lost supplies. According to Forbes, EU nations are angling for a gas price cap as the gas supply increases, but it will be ill-fated.
Related Article: Bloc Leaders To Discuss Major Issues Including Energy Price Cap, Fallout from Loss of Stability and Security
