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European countries ask for tops on natural gas prices

European countries ask for tops on natural gas prices

Brussels, Oct 13 (Prensa Latina) Five countries of the European Union (EU) presented today a request to the European Commission to assess options to limit the value of natural gas and present solutions to the increase in energy costs.

The energy ministers of Greece, Italy, Belgium, the Netherlands and Poland proposed to modify the price of gas in the contracts of the Dutch Title Transfer Mechanism (TTF), through a legal measure or a regulation of the geopolitical bloc.

In their letter addressed to the EU’s executive arm, ministers affirmed that a new cost index is necessary, since the main reference of the TTF is guided by the supply of hydrocarbon through gas pipeline systems.

The ministers emphasized that this reference is no longer representative of a market that now includes more liquefied natural gas.

Similarly, the officials urged the EU to study a cap for wholesale gas prices, as well as to provide an independent mechanism to adjust supply and demand when said cap is exceeded due to over-the-counter transactions and tenders.

The European Union will present proposals next week to launch the joint purchase of gas in a period of months, and thus develop an alternative reference for the cost of this hydrocarbon.


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