Progress in establishing a new pricing system for it natural gas recorded during the talks between EU leaders. in Prague, according to Spanish Energy Minister Teresa Ribera.

As the Spanish official noted, Germany and the Netherlands are positive about the option, which could create an alternative to the current benchmark.

Speaking to Reuters, Ms Ribera noted that while countries such as Germany and the Netherlands oppose capping natural gas prices, EU leaders are moving towards a “consensus” on an alternative TTF (Title Transfer Facility) reference price, which is currently time is the reference price for Europe).

Bra de fer on the energy crisis in full swing

Earlier, European Council President Charles Michel said no decision was expected today, Friday, but hoped discussions between the leaders would lead to an agreement at their next meeting on October 20-21.

“The energy crisis is a very important challenge that we have to face,” he said, adding that he hoped negotiations to cut demand, secure supplies and cut prices would move forward.

Recall that there are two proposals on the table. On the one hand, there is the French to set a ceiling on natural gas for electricity generation, which Greece and other member states reject because it does not include 2/3 of the natural gas market, that is, what is consumed by industry. and for home heating. According to Athens, this creates economic obligations without a clear financial cap, as well as deterrents for low prices, while significantly increasing demand for gas as it will make coal more expensive, which Europe currently does not want.

On the other hand, this is a proposal put forward by Greece, Italy and Poland and supported by 16 Member States. This concerns the introduction of a cap on all wholesale natural gas transactions at a price that will be regularly reviewed taking into account external benchmarks, such as, for example, prices for oil, coal and natural gas in Asian and North American centers, taking into account fluctuations, for example, plus or minus 5%. The central price will be a cap on the TTF or multiple gas hubs and will cover all transactions (and OTC).

The “dynamic corridor” proposal, as it is called, is differentiated based on three different scenarios, namely no natural gas shortage, possible natural gas shortage and natural gas shortage.

In the second scenario, the supply can be combined with expanded demand reduction and solidarity programs. The Commission incorporated the proposal into its proposal to European leaders after strong pressure from supportive member states and after a long delay. The Greek Prime Minister first formulated it six months ago.

^{According to REUTERS}