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
Al Mayadeen's correspondent: Two were martyred in an initial toll of the Israeli drone strike that targeted the al-Asira neighborhood in the city of Baalbek, eastern Lebanon
Al Mayadeen's correspondent: An Israeli drone strike targeted the al-Asira neighborhood east of Baalbek, eastern Lebanon
Sheikh Naim Qassem to the pager attack survivors: You are the greatest resistance. Know that 'Israel' will fall because it embodies aggression, crime, and occupation; victory is truly yours
Sheikh Qassem to the pager attack survivors: The value of what you are doing despite your wounds is immense, and here you are, treading the path of the Master of Nation's Martyrs and the leaders
Sheikh Qassem to the pager attack survivors: You are moving forward with insight deeper than sight itself. The enemy sought to eliminate your role in the battle, yet you remain steadfast and continue the fight
Hezbollah Secretary-General Sheikh Naim Qassem to the pager attack survivors one year later: You are healing from your wounds and rising above them. You have successfully passed the test
Palestinian media: Reports of stabbing operation in occupied al-Quds.
Israeli media: Sirens blare in Arava in South, near Ramon Airport.
Egyptian PM Mostafa Madbouli: Egypt is targeted in plans to redraw regional map
AEOI Chief Mohammad Eslami: Our presence in IAEA General Council and fact-checking helped in preventing unilateral rhetoric that aims to portray Iran as an unregulated country

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

EU Commission proposes trade curbs, sanctions on Israeli ministers

EU exec. branch to adopt new sanctions against 'Israel' on Wednesday

"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

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
Lapid: Egypt’s Arab Force plan a 'severe blow' to normalization

Lapid: Egypt’s Arab Force plan a 'severe blow' to normalization

  • Palestine
  • 14 Sep 2025

Coverage

All
The Ummah's Martyrs

Read Next

All
Britain Trained Israeli Soldiers Involved in Gaza War: Declassified
Europe

UK training of Israeli officers sparks outcry over Gaza war complicity

Luxembourg's Prime Minister Luc Frieden arrives for an EU summit at the European Council building in Brussels, Thursday, June 26, 2025. (AP Photo/Omar Havana)
Politics

Luxembourg to recognize Palestine at UN summit next week

European Union flags flap in the wind outside EU headquarters in Brussels, Wednesday, Sept. 3, 2025 (AP)
Politics

EU exec. branch to adopt new sanctions against 'Israel' on Wednesday

Charlie Kirk killing suspect faces charges in Utah court hearing
US & Canada

Charlie Kirk murder suspect faces formal charges in Utah court hearing

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