MONITORING DESK
ISLAMABAD: The European Union (EU) energy ministers have agreed on a gas price cap of 180 euro (190 US dollars) per megawatt-hour (MWh), Czech presidency of the EU council announced on Wednesday.
Dmitrij Cernikov, spokesperson of the presidency, announced the deal by simply tweeting “Deal”.
The European Commission (EC) said in a statement that the deal would come into force on 15 February. It is aimed to limit episodes of very high gas prices in the block that do not reflect the prices of the world market and ensure energy supply security and the stability of financial markets.
Czech minister of industry and trade Jozef Sikela said that the bloc has succeeded in finding an important deal that will protect citizens from skyrocketing energy prices. An effective and realistic mechanism will be set out, which will include the necessary protections that will steer the EU clear from risks to financial markets stability and security of energy supply.
European Union is united
Sikela added that the EU has once again proved that it is united and will not let anybody use energy as a weapon.
The cap is 95 euro lower than last week’s unsuccessful proposal of 275 euro per MWh, which twelve member states had disagreed with.
