Al Mayadeen English

  • Ar
  • Es
  • x
Al Mayadeen English

Slogan

  • News
    • Politics
    • Economy
    • Sports
    • Arts&Culture
    • Health
    • Miscellaneous
    • Technology
    • Environment
  • Articles
    • Opinion
    • Analysis
    • Blog
    • Features
  • Videos
    • NewsFeed
    • Video Features
    • Explainers
    • TV
    • Digital Series
  • Infographs
  • In Pictures
  • • LIVE
News
  • Politics
  • Economy
  • Sports
  • Arts&Culture
  • Health
  • Miscellaneous
  • Technology
  • Environment
Articles
  • Opinion
  • Analysis
  • Blog
  • Features
Videos
  • NewsFeed
  • Video Features
  • Explainers
  • TV
  • Digital Series
Infographs
In Pictures
  • Africa
  • Asia
  • Asia-Pacific
  • Europe
  • Latin America
  • MENA
  • Palestine
  • US & Canada
BREAKING
Rubio: 'Very short window', maybe days, for Hamas to accept deal
Al Mayadeen correspondent to southern Lebanon: Israeli warplanes launched a raid on the Ksar Zaatar neighborhood in western Nabatieh.
Al Mayadeen's correspondent in Gaza: The tower destroyed by the Israeli occupation in Gaza includes media offices, including Al Mayadeen's bureau.
Al Mayadeen's correspondent in Gaza: Four fetuses and three premature babies died at Nasser Medical Complex due to malnutrition
Lebanese Ministry of Health: One person was killed in an Israeli airstrike on a car in the town of Burj Qalawieh, south Lebanon.
Al Mayadeen correspondent: The first ship of the Maghreb fleet delivering aid to break the siege on Gaza departs from the port of Gammarth in Tunisia.
Channel 12: Airspace closed at Ramon Airport due to fears of drone infiltration
IOF Spokesperson: Sirens sounded over an aircraft infiltration in the Bir Ora area, and details are being examined
Drone infiltration sirens sound north of the Gulf of Aqaba
Al Mayadeen's correspondent in Gaza: The Israeli occupation carried out five extremely violent raids on the western areas of Gaza City

EU adopts gas market correction mechanism with floating price

  • By Al Mayadeen English
  • Source: Agencies
  • 22 Dec 2022 21:28
3 Min Read

The EU attempts to "protect citizens and the economy against excessively high prices"

  • x
  • EU adopts gas market correction mechanism with floating price
    Gas utilities (AP)

The European Union has adopted a mechanism for correcting the gas market with a floating price limit, according to the EU Council on Thursday.

"The Council formally adopted a regulation that sets a market correction mechanism to protect citizens and the economy against excessively high prices.

"The regulation aims to limit episodes of excessive gas prices in the EU that do not reflect world market prices while ensuring the security of energy supply and the stability of financial markets," the statement says.  

According to the ICE exchange, gas in Europe ended trading on Thursday, down 5.8% to a price of $1,009.4 per thousand cubic meters, coming on a decline for the fifth day in a row.

TTF's January futures dropped to $996.1 per thousand cubic meters in the last hour of trading. This would mark the first day of trading in three digits since October 25.

On Monday, after four months of the debacle, EU energy ministers agreed on setting a price cap for natural gas with Malta's minister announcing that the threshold was 180 euros per megawatt hour.

Related News

Former EU diplomats urge Europe to suspend cooperation with 'Israel'

EU court voids approval for Russia to build Hungary nuclear plant

"We are speaking about a price cap set at 180 euros," Maltese Energy Minister Miriam Dalli said. "It wasn't an easy thing to achieve."

The deal opens the door to other steps, such as cooperative gas purchases and a prospective new benchmark for gas pricing, to alleviate the energy crisis that Europe is experiencing as a result of its imposed sanctions on Russia.

One group sought to urgently lower gas prices by capping the maximum price that may be charged for the gas used to generate power. 

The other, backed by economic powerhouse Germany, was wary of a price restriction that could be triggered too easily and deter the supply of liquefied natural gas (LNG) to Asia's more lucrative markets.

Germany ultimately supported the 180-euro price restriction, which was far less than the 275-euro cap that the European Commission had initially suggested, as per an EU ambassador.

On Monday, the benchmark price for pipeline-delivered natural gas in Europe was trading at just under 112 euros per megawatt hour. Over the summer, it briefly rose to close to 340 euros per megawatt hour.

Kremlin Spokesperson Dmitry Peskov said the attempt to control gas prices is unacceptable, stressing that Moscow will make the proper decision, as it did with the regulation on oil.

  • European Union

Most Read

The damaged building in the Katara neighborhood, Doha, Qatar, September 9, 2025 (Social media)

Hamas delegation survives Israeli assassination attempt in Qatar

  • Politics
  • 9 Sep 2025
Pro-"Israel" conservative Charlie Kirk shot during Utah speech

American far-right activist Charlie Kirk shot dead during Utah speech

  • US & Canada
  • 11 Sep 2025
Uprising against Volker Turk at the Human Rights Council over Gaza.

Uprising against Volker Turk at the Human Rights Council over Gaza

  • Politics
  • 12 Sep 2025
A screengrab from the ad played on Fox News. (X Screengrab)

Fox airs ad warning Trump not to let Netanyahu 'play' him on Gaza

  • US & Canada
  • 11 Sep 2025

Coverage

All
The Ummah's Martyrs

Read Next

All
President Nicolas Maduro gestures to supporters during the inauguration of a monument in China's honor on the 80th anniversary of the end of World War II, in Caracas, Venezuela, Wednesday, September 3, 2025 (AP)
Politics

Maduro warns of threats, urges 'battle for truth' to defend Venezuela

Damage is seen after an Israeli strike targeted a compound that hosted Hamas' political leadership in Doha, Qatar, Wednesday, Sept. 10, 2025. (AP Photo/Jon Gambrell)
Politics

Netanyahu informed Trump before deadly attack in Doha: Reports

Israeli Prime Minister Benjamin Netanyahu and US Secretary of State Marco Rubio hold a joint press conference at the Prime Minister's Office, during Rubio's visit, in occupied al-Quds, occupied Palestine, Monday, September 15, 2025 (AP)
Politics

Netanyahu warns of Israeli isolation, calls to boost self-reliance

Spain axes €700Mln arms deals with 'Israel' over Gaza genocide
Politics

Spain axes €700 mln arms deals with 'Israel' over Gaza genocide

Al Mayadeen English

Al Mayadeen is an Arab Independent Media Satellite Channel.

All Rights Reserved

  • x
  • Privacy Policy
  • About Us
  • Contact Us
  • Authors
Android
iOS