FT pointed to a possible temporary cap on gas prices in the European Union

The European Union (EU) may temporarily limit gas prices. This was reported by the Financial Times (FT) on February 12.

"Brussels is weighing new powers to temporarily cap gas prices in the EU, which recently hit a record high compared with the US," the paper said.

According to three unnamed sources, the European Commission (EC) is considering the cap as part of discussions on a policy paper on a "clean industrial deal" to be presented in March.

It is specified that 11 industry groups have sent a letter to EC head Ursula von der Leyen saying that a cap on gas prices "would be detrimental to the European benchmark mechanism for the transfer of property rights".

"We believe that this measure, if announced, could have far-reaching negative consequences for the stability of European energy markets and security of supply across the continent," the letter said.

Unfreezing prices: why Europe is again threatened by gas shortages

The cost of blue fuel may stay at high levels for a long time to come

On the eve of the Bloomberg agency reported that in 2025 will increase pressure on the EU due to the reduction of gas reserves in storage. It is specified that Europe used up its gas reserves faster in winter, and seasonal price fluctuations have changed, due to which the replenishment of reserves in summer is unprofitable.

"Gazprom" on January 1, 2025 announced the suspension of Russian gas supplies to the EU through Ukraine. On February 10, exchange prices for gas in Europe exceeded $620 per 1,000 cubic meters for the first time since February 8, 2023.

On January 29, Belgian Energy Minister Tinne van der Straten announced that the country's authorities plan to import liquefied natural gas (LNG) from Russia even after the sanctions prohibiting this come into force at the end of March. She pointed out that gas imports from Russia will not disappear, but will be redirected to different directions and facilities.

Prior to that, on January 27, Bloomberg reported that the EC with a certain degree of probability will postpone a month later the official publication of the roadmap, which will outline a plan for EU countries with specific measures they need to take to completely abandon fuel imports from Russia, including LNG. It was noted that instead of the end of February, as planned, the EC may present its plan on March 26.