European Union nations’ energy ministers have agreed on a gas price cap, after weeks of talks on the emergency measure that has split opinion across the bloc as it seeks to tame the energy crisis, writes Al Jazeera.
The Czech presidency of the European Council, which represents member countries, said a deal was reached in Brussels on Monday.
The cap is the 27-country EU’s latest attempt to lower high gas prices that have inflated citizens’ energy bills and driven record-high inflation this year after Russia cut off most of its gas deliveries to Europe.
EU officials and a document seen by Reuters news agency revealed that ministers agreed to trigger a cap if prices exceed 180 euros (USD 191) per megawatt hour for three days on the Dutch Title Transfer Facility (TTF) gas hub’s front-month contract, which serves as the European benchmark.