AtFrance is ready to support the establishment of a marginal gas price from Russia. Spain and Germany are more cautious in their positions The EU proposes to limit gas prices to 50 per megawatt-hour, writes Politico with reference to EC documents. At the same time, the European Commission warns, such a step could become risky: the European Union should be ready to immediately abandon Russian gas if Moscow completely blocks it in response. According to the publication, France advocated the establishment of a marginal price for gas from Russia, and the level of the entire EU and a tax on excess profits in the energy sector. Brussels is developing radical measures to reduce energy prices, which will be discussed by representatives of EU countries on Wednesday before an emergency meeting of energy ministers on Friday. According to the EC documents, the proposals include limiting prices for Russian gas at the EU-wide level and distributing gas to countries in need in emergency situations. If a price ceiling is imposed, France will support it, French President Emmanuel Macron said on Monday after a telephone conversation with German Chancellor Olaf Scholz. Spanish Energy Minister Teresa Ribera was more careful in her words. “I think this is something that we definitely need to take into account. The question is to what extent we can afford it,” she told Politico. Germany has also taken a more cautious stance, publicly agreeing to a tax on excess income only for producers of nuclear energy, renewable energy and coal. According to a representative of the German Ministry of Economy, Berlin wants to create an expert commission to study the most reasonable approach to limiting gas prices, which, in fact, will slow down any measures at the EU level. The Secretary of State for European Affairs at the French Foreign Ministry, Laurence Boone, warned that emergency measures will be effective only if all countries adopt them. The fact that an emergency meeting of EU energy ministers will be held in Brussels on Friday, European Commissioner for Energy Kadri Simson said in an interview with the Associated Press. According to her, the European Commission expects that the package of measures will be adopted next Wednesday, September 14, and that it will include the separation of prices for gas and other energy carriers, a temporary restriction on gas prices, changes in the rules of trading on exchanges and coordinated measures to reduce demand.
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Bloomberg reported that the EU is going to discuss two possible instruments to curb prices – the price limit for imported gas and administrative pricing during emergencies for the regions most affected by supply disruptions. However, the EC calls for considering the option of a price ceiling only if the countries are ready for a complete cessation of supplies. They believe that the price ceiling should beIt is set in such a way that “Russia feels worse when gas supplies are stopped than when the price limit is met.” “Considering that in the previous decade (2010–2020) Russian gas prices ranged from €5 to €35/MWh, any restriction above this level guarantees that Russia will exceed its production costs,” the documents say EC referred to by Bloomberg.
Earlier, the G7 leaders (USA, Canada, Great Britain, Germany, France, Italy and Japan) spoke about plans to limit prices for Russian gas. Italian Prime Minister Mario Draghi spoke about the EU’s plans to consider the price ceiling for Russian gas back in April. This was later confirmed by the head of the European Commission, Ursula von der Leyen.
In early September, the G7 countries agreed to limit the price of Russian oil.
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