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The European Union fails to conclude an agreement on gas prices

December 14, 2022 00:43

The meeting of energy ministers of European Union member states in Brussels failed on Tuesday to reach a final bloc-wide deal to set a ceiling for natural gas prices.

In response to repeated calls from some countries, the European Commission last month proposed capping prices after cutting gas supplies to Europe this year, which has led to higher energy prices.

However, with countries sharply divided over the details of the proposed price cap, Tuesday’s meeting did not result in a final decision, leaving EU energy ministers trying again to reach an agreement at another meeting on the 19th of this month.

“We’ve made progress, but we’re not done yet,” German Economy Minister Robert Habeck said after the meeting, which exceeded the specified length, in light of the country’s envoys trying to reach an agreement. Today it is not possible to answer all the questions.

Countries including Germany, Austria and the Netherlands have warned against capping gas prices, which they fear could divert much-needed gas shipments out of Europe and disrupt energy markets.

Other countries, including Greece, Belgium, Italy and Poland, have called for price caps, which they say would protect their economies from rising energy prices.

“European citizens are suffering, European companies are closing their doors and Europe is debating to no avail,” Greek Energy Minister Konstantinos Skrekas said ahead of the meeting on Tuesday.

Source: Reuters