Russia on Monday called the European Union’s agreement to cap gas prices at 180 euros per megawatt hour (MWh) a «violation» of the pricing method and an «intrusion» into market processes.
«This is a violation of the market pricing process (and) an intrusion into the market process,» Kremlin spokesman Dmitry Peskov has said, adding that Russia’s response to the EU move will take time as Moscow must «thoroughly weigh the pros and cons,» Interfax news agency has reported.
This new mechanism, which was opposed only by Hungary in the final vote of the energy ministers meeting in Brussels, will come into force on February 15 and will be activated when at the same time €180 is exceeded on the European market for three consecutive days and there is a price difference of €35 compared to the international markets also during those three days.
The ministers arrived at the meeting with the mandate to close this Monday the market correction mechanism, following the ultimatum given to them last Thursday by European leaders in order to have in 2023 a tool to avoid excessive price peaks in the European market. The lack of unanimity among ministers has led the Czech presidency to put the proposal to a vote, and it was approved by qualified majority.
The final agreement greatly reduces the European Commission’s proposal, which proposed a ceiling of 275 euros/MWh for the maximum gas price, far from the objectives of countries such as Spain, Belgium or Greece, the main promoters of the measure.
Source: (EUROPA PRESS)
