EU countries are trying to set the government gas price cap at 200 euros per MWh (about two thousand euros per thousand cubic meters), but the differences within the community remain; Italian news agency Ansa, citing sources.

According to the publication’s interlocutors, the European Union may set the final Russian gas price cap on December 19 following the meeting of the heads of the Ministry of Energy.

The European Commission has previously proposed the formation of a mechanism for the adjustment of Natural Gas Futures. It is noted that the mechanism will automatically trigger when the TTF monthly futures price exceeds 275 euros per MWh for two weeks and when the spread between the TTF price and the global price of LNG is 58 euros or more for ten trading days. At the same time, it was proposed to cap the price of the resource at 275 euros per megawatt hour (about 95 cubic meters).

Profile Ministers of the European Union were unable to agree on the decision on the “ceiling” during the meetings on November 24 and December 13. It is noted that the level of 200 euros per MWh was supported by ten members of the community.

Earlier we reported that the BofA forecasts a recession in 2023 in the US, the UK and the Eurozone.