The European Union is considering extending an emergency gas price cap introduced in February amid concerns that conflict in the Middle East and pipeline sabotage could push prices up again this winter. This was reported by Finance Times.
According to the publication, the European Commission, in its presentation to EU countries, noted that the introduction of the price limit did not create any negative consequences and that gas prices fell by almost 90% compared to last year.
If it exceeds that level for three consecutive days, a price cap of $180 per megawatt hour is imposed. EU diplomats say that despite falling prices and storage facilities filling up, gas supplies could be affected by the Israel-Hamas conflict and possible sabotage during the winter months.
EU diplomats and officials told the Financial Times that despite falling energy prices and record gas tank occupancy in Europe, gas supplies during the winter months could be affected by the Israel-Hamas war as well as possible acts of sabotage of gas infrastructure.
They said an explosion on a gas pipeline in the Baltic Sea earlier this month was worrying and “it would be nice to have a safety net.” At the peak of the energy crisis prices rose above 300 euros per MWh, but not for very long.
International Energy Agency at the beginning of the week statedIt is stated that high gas prices in Europe may continue until at least 2027.
Previously in Germany restarted Coal power plant due to cold weather.