Austria nonetheless cautious of newly agreed EU gasoline worth cap –


The current settlement to cap gasoline costs within the EU at €180 per megawatt-hour (MWh) poses a danger to the safety of provide in Austria, Power Minister Leonore Gewessler mentioned in Brussels after EU power ministers reached a deal on the cap after months of negotiations.

Underneath the settlement, gasoline costs on the EU’s essential buying and selling hub shall be capped ought to they exceed €180 per megawatt-hour (MWh) for 3 consecutive working days and if they’re increased than world gasoline costs by greater than €35/MWh for a similar three days.

Whereas the EU’s pro-capping nations hope this may assist higher management gasoline costs, Austria stays cautious of the final minute provision.

The gasoline worth cap may “assist carry costs down”, however because it had been agreed within the run-up to the vote that the measure could be utilized to all European buying and selling hubs, it poses a “sure danger” to gasoline provides, defined Gewessler on Tuesday.

“The query of safety of provide arises right here,” she added. In concept, the settlement was supposed to use to the Dutch gasoline buying and selling hub “Title Switch Facility” (TTF), although its phrases recommend it may be prolonged to different gasoline buying and selling hubs.

“The brand new extension to all gasoline buying and selling hubs that had been added Monday morning is just a danger for Austria by way of safety of provide,” she careworn in Brussels.

“We’re nonetheless depending on pipeline gasoline,” mentioned Gewessler about Austria’s sturdy reliance on Russian pipeline gasoline.  “Alternatively, we should not let ourselves be pushed loopy by Russian propaganda,” she added, referring to the Kremlin’s threats to halt gasoline flows ought to the EU resolve on a gasoline worth cap.

On the similar time, nonetheless, Austria was further spooked as one of many Russian pipelines supplying the nation with gasoline spontaneously exploded on Tuesday, killing three folks.

“Gazprom has introduced that supply volumes shall be compensated by way of different routes” and that the scenario is being noticed fastidiously, the Austrian authorities knowledgeable.

(Nikolaus J. Kurmayer |

Supply hyperlink