According to the newspaper Financial Times, the purpose would be to obtain insurance in case of the worst.
European the union is considering extending the deadline for the natural gas price ceiling, says the newspaper Financial Times (FT). The EU fears that the war in the Middle East and the damage to the gas pipeline in the Baltic Sea may cause gas to become more expensive in the winter.
According to the newspaper, the commission has told diplomats that no signs of negative effects of the price ceiling have been observed, even though gas prices are currently 90 percent cheaper than last year.
The price ceiling came into effect in February after several weeks of difficult negotiations. Germany and Austria opposed it, because they thought the price cap would distort the market and cause disruptions in supply.
Despite natural gas prices and record high inventories, the war between Israel and the terrorist organization Hamas, and possible destruction of “gas infrastructure” could affect gas prices, according to Financial Times sources.
According to the sources, the price cap would be a justified insurance in case gas prices start to rise. The price cap comes into effect if the prices are more than 180 euros per kilowatt-hour during a three-day period.