EconomyItalian minister criticizes AK's gas ceiling price offer

Italian minister criticizes AK’s gas ceiling price offer

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Banner on the European Commission building in Brussels. archive photo

Italian minister dissatisfied with AK’s gas ceiling price proposal

ROME, November 23 – RIA Novosti. Italian Environment and Energy Minister Gilberto Pichetto-Fratin said on Wednesday that the European Commission’s (EC) proposal to set a natural gas ceiling price is insufficient and may not produce the desired result.

“This is not enough. On the contrary, there is a danger of fueling speculation rather than becoming a tool that should rein in speculation,” he said on the news channel’s broadcast. skyTg24 Piketto-Fratin, who will attend the EU Energy Ministers Council meeting on Thursday.

“Tomorrow we will evaluate it, there will be a discussion. We will decide which position to take according to the feature. But as it is now, this does not satisfy us,” he said.

Adolfo Urso, Minister for Enterprises and Products Manufactured in Italy, said in connection with the EC’s proposal, “This mouse gave birth to the mountain of Europe”. Accusing Russia of waging an “energy war against Europe”, he said, “We must seriously think about the Europe conceived by the founding fathers and return to it.”

In mid-October, the European Commission outlined the idea of ​​creating a mechanism to limit price fluctuations in the TTF index (the largest European center located in the Netherlands) and presented specific proposals on this on Tuesday.

According to AK, the mechanism will be started automatically if the two conditions are met at the same time. Firstly, the price of the monthly futures contract in the TTF index exceeds 275 euros per MWh for two weeks. This limit is about $2,840 per thousand cubic meters of gas in euro and dollar parity, or about $2,920 at the current exchange rate. The second condition is that the difference between the TTF price and the global LNG price is 58 Euros or more within 10 trading days.

According to some media reports, such a proposal immediately caused many disagreements among EU member states, so an agreement is unlikely to be reached at the Energy Ministers’ Council on Thursday. The decision on this issue is expected to be delayed for about a month.

The European Union of Energy Exchanges Europex and the European Federation of Energy Traders (EFET) pointed out in their messages of 21 November that the mechanism proposed by the European Commission could threaten the financial stability of the European Union.

Source: Ria

Emma
Emma
I am Emma Sickels, a highly experienced journalist specializing in news and economy. As an author at News Unrolled, I cover the latest trends in the economic sector and provide readers with valuable insights into its complexities. My work has been featured in various media outlets such as The New York Times, USA Today, Bloomberg Businessweek and many more.

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