EU-Med countries seek more flexible gas price cap mechanism – Saudi Gazette

EU-Med countries seek more flexible gas price cap mechanism – Saudi Gazette

MADRID — Leaders of several Mediterranean and Southern European countries have called on Brussels to come up with a more flexible gas price cap mechanism than the recently proposed cap of €220 per megawatt hour.

The call made at an EU-Med9 summit in Spain further highlighted divisions within the EU over the proposed cap. The bloc initially proposed a cap of €275 last month but this was met with considerable opposition. Several EU members want no price cap at all.

Spanish Socialist Prime Minister Pedro Sánchez said the EU-Med leaders agreed to work together so that the Dec. 13 meeting between the EU’s energy ministers could reach “a gas price cap that is more dynamic and effective.”

We finished a very productive summit from which we emerged with a common agenda for the Mediterranean. The countries of #MED9 agree: unity and solidarity in the face of Putin’s blackmail with gas and oil to Europe. Our voice has more and more weight in the EU.

When the first figure of €275 was proposed, Spain and others said it was so high it was very unlikely the price would reach that figure, and therefore the capping mechanism would never need to be activated.

Spain and other countries