EU Defends Gas Price Cap Proposal After Country Criticism
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EU gas prices have soared this year as Russia slashed gas deliveries to Europe following its invasion of Ukraine, although even a record-breaking price spike in August would not have triggered the EU's proposed cap.
But gas price caps have split the 27-country bloc.
While Italy, Spain, Belgium, Malta and Greece criticised the proposed cap for being too high or unlikely to ever kick in, countries including Germany and the Netherlands are sceptical of capping gas prices - warning that this could deter suppliers from sending much-needed gas to Europe.
The stronger of the two, at magnitude 5.0, occurred at 10:06 p.m.
in southeastern Evia, according to the Athens Geodynamic Institute. It was preceded by a magnitude 4.8 quake at 6:32 a.m. that had roughly the same epicenter, some 58 kilometers (36 miles) northeast of the Greek capital.
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After months of infighting among EU countries who disagree on whether to cap energy costs, the European Commission last week proposed a price cap that would kick in if the front-month Title Transfer Facility gas price exceeded 275 euros per megawatt-hour for two weeks and was 58 euros higher than a liquefied natural gas reference price for 10 days.
BRUSSELS, Nov 30 (Reuters) - The European Union's energy chief on Wednesday defended the bloc's proposal to cap gas prices and said countries will negotiate possible changes to the proposal, after a backlash from EU member states.
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The EU proposal came under fire from countries in favour of a gas price cap to reduce citizens' high energy bills - with Poland's energy minister calling the proposal "a joke" and analysts suggesting it was designed with such strict criteria that it would never be used.
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