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European countries seek way out of the deadlock over gas price limits

The subject of how, when, and whether to cap gas prices is poised to dominate another meeting of European Union members on Wednesday, as they seek a solution to target excessive gas prices, which has eluded them for weeks.

 

As Europe prepares for a winter of scarce Russian gas, a cost-of-living crisis, and the approaching prospect of recession, the EU’s 27-country bloc is contemplating its next step to contain increasing energy prices and protect consumers from rising bills.

 

‘We need to find a swift solution that applies to the entire European Union,’ said a senior EU official. ‘National solutions are not a viable option.’

 

On Wednesday, EU energy ministers will meet in Prague to try to provide clearer instructions on what the European Commission should propose as the bloc’s next emergency energy action.

 

Countries, however, are still unable to decide what they want.

 

With petrol prices about 90% higher than a year ago, most EU countries agree on the need for a gas price ceiling but disagree on how it should be implemented. Some countries remain resistant, particularly Germany, Europe’s largest gas market.

 

Last week’s talks among EU leaders accomplished little to define the future steps. One EU ambassador claimed the conversations ‘went in all directions,’ alluding to the various ideas being proposed, such as a price cap on all gas, pipeline gas, or just gas used to generate electricity.

 

Another EU ambassador stated that the leaders’ meeting produced no ‘unified signal. I’d say expectations are modest,’ the diplomat said of the meeting on Wednesday.

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