Should Russia significantly restrict or cut off its flow, the EU could raise gas prices to avoid “unbearably high” costs. This has been reported Bloomberg.
According to the agency, the European Commission is developing a related bill as part of a package of measures to replace Russian gas imports. According to the draft document, it should help prepare for major disruptions and emergencies in Europe, where gas markets no longer meet supply and demand.
“It would be a possibility to limit pricing by capping the price on European gas exchanges during this disruption scenario, but in general such a price cap could be applied in different ways and applied at different levels of the gas value chain,” the document states. says.
The Commission also aims to give the green light to short-term measures to protect consumers and businesses from high energy prices. In particular, it is planned to allow governments to expand the regulation of retail gas prices.
The measures are expected to be temporary and will not take effect until June 2023.
Previously, the EU to spend $195 billion for oil and gas cuts from Russia by 2027.