Nations in the bloc are struggling to cope with record energy prices and the risk of shortages this winter
proposed that the bloc should step into the gas market to limit the price in relation to a key Dutch benchmark, which she said is no longer representative of the true cost.“As the EU imports almost all the gas it consumes, the deeper the public intervention on gas prices we envisage, the more demand reduction and supply solidarity we need,” she wrote Wednesday to E.U. leaders ahead of a summit later this week in Prague.
Von der Leyen described her proposed intervention as a transitional move as the bloc moves away from the current benchmark, the Title Transfer Facility, and works to establish an E.U. price index that better reflects Europe’s energy market. “Pending the introduction of such a complementary benchmark, we should consider a price limitation in relation to the TTF in a way that continues to secure the supply of gas to Europe and to all member states and that would demonstrate that the E.U. is not ready to pay whatever price for gas,” she wrote.
A group of countries, including Spain, Italy, Belgium, Poland, Greece and France has been urging a limit on all wholesale gas market transactions. Germany, the region’s biggest economy, has been against such a move. E.U. nations are struggling to cope with record energy prices and the risk of shortages this winter after Russia drastically
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