"We need to tame volatility and extreme price increases on the EU's main gas market, the TTF."
This was stated by the president of the EU Commission, Ursula von der Leyen, presenting the new proposals on expensive energy.
The Title Transfer Facility "no longer really reflects the true market situation, so we will develop a complementary index" and, in the meantime, "we propose a" cap "mechanism to limit excessive gas prices," she announced.
"Gas storage facilities in Europe are 92%. The Russian share of gas via pipeline has dropped to 9%, 2/3 of Russian supplies have been cut. Thanks to all this we are prepared for the winter" , explained the president of the EU Commission.
"We had proposed a cap on the price of gas already in March but then there was reticence among the states. Today there is a greater understanding" of the measure.
I am confident that we can now make progress on this issue.
We are taking a two-step approach.
Today we have established a set of principles for this flexible roof mechanism.
As soon as the Council agrees on the principles, we will present the detailed measure to make it operational, "von der Leyen underlined at the press conference.
The press conference
"If the current trends persist until the end of this year and we continue to act, we will have received at least 65 billion cubic meters of gas from suppliers other than Russia and
we will have saved 50 billion cubic meters of gas
."
"The Iberian model of a gas price cap that forms the price of electricity
has reduced electricity prices in these two countries, so we believe that it deserves its introduction at EU level. It deserves further study", von der Leyen specified that the measure is not contained, however, in the legislative proposal launched today.
Holland and Germany
, according to what is learned, "they continue to express perplexity" with respect to the introduction of the dynamic 'price cap' on gas, a measure which in any case would be of a "temporary" nature and which reflects the emergency experienced by Europe.
The package presented by the Commission, says one source, must be analyzed "as a whole" because each component has an effect on the other.
Green light from the College of European Commissioners to the new legislative proposal on energy.
The package of measures "tackles high gas prices and ensures the security of supplies for this winter", announces the Commission.
The main measures approved include "the joint purchase of gas, the creation of a new benchmark for LNG prices by March 2023 and, in the short term, a price correction mechanism to establish a dynamic price limit for transactions on the Ttf gas exchange; predefined solidarity rules between Member States in case of supply shortages ".
"Gas storage facilities in Europe - said the president of the EU Commission, Ursula von der Leyen - are 92%. The Russian share of gas via pipeline has dropped to 9%, 2/3 of Russian supplies have been cut.
"We have to tame the volatility and extreme price increases on the main EU gas market, the TTF,"
said the president of the EU Commission, Ursula von der Leyen, presenting the new proposals on expensive energy.
The Title Transfer Facility "no longer really reflects the true market situation, so we will develop a complementary index" and, in the meantime, "we propose a" cap "mechanism to limit excessive gas prices," she announced.
"If the current trends persist until the end of this year and we continue to act - explained von der Leyen -, we will have received at least
65 billion cubic meters of gas from suppliers other than Russia and we will have saved 50 billion cubic meters of gas. "
.
"
The Iberian model of a gas price cap that forms the price of electricity has reduced electricity prices in these two countries, so we believe it deserves its introduction at EU level.
It deserves further study," he said.
"I am convinced that the leaders will show unity, we have been working intensively for weeks with the Member States. I see broad support for aggregate demand and joint purchases, for savings and efficiency and I see support for sharing.
On the roof it was difficult .
but the more we articulate the details, the more we are able to convince Member States to work with us "explained von der Leyen, underlining that" initially it was important for us to stabilize the market, without this it would not be possible to make these proposals. But now the time is ripe. , and it is important to proceed with a clear signal, "he added.
So far " only 6 of the 40 possible solidarity agreements
have been signed" between the Member States,
"this is not enough for a crisis of this magnitude" added the president of the EU executive, recalling that "the EU regulation on security of supply has been in place for 5 years "and" Member States are required to conclude solidarity agreements ".
Today Brussels proposes "automatic solidarity rules that will apply when there is no bilateral agreement in place between the countries",
she pointed out.
"European solidarity - she concluded - is the best guarantee for all Member States" to make the most of the work done together in Europe on interconnections,
Reconfirmation of clear support for Ukraine, recognition of the Polish commitment to welcoming Ukrainian refugees,
the need for greater solidarity and European unity
, starting with the energy issue which risks having serious consequences for citizens and businesses.
These are the issues addressed by President Sergio Mattarella with his Polish counterpart Andrzej Duda received this morning at the Quirinale.
"Our meeting will be an opportunity to examine further measures capable of reducing prices. These include: harnessing the bargaining power of our unit by jointly purchasing gas, developing a new benchmark that more accurately reflects gas market conditions and examining
a temporary dynamic price limit
.
I am confident that, despite the various national constraints, we will tackle the debate constructively, taking into account our urgent collective interest ", writes the president of the EU Council, Charles Michel, in the letter of invitation to the 27 for Thursday's summit of leaders. .