Explained | Europe's much-debated plan to cap gas prices Premium
The Hindu
The price cap idea has led to persistent disagreements between the EU's 27 member states
The European Commission on November 23 proposed introducing a gas price cap for a year from January 1 at 275 euros a megawatt hour (MWh) EU energy commissioner, Kadri Simson said.
The Commission hopes the ceiling will help member states curb energy prices for homes and business that have reached record highs this year following Russia's invasion of Ukraine, leading to inflation and a cost of living squeeze.
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The proposals will be debated by energy ministers from the bloc's 27 member countries on November 24.
The price cap idea has led to persistent disagreements between the EU's 27 member states.
Belgium, Greece, Italy and Poland are among the countries most vocal in calling for a gas price cap to be implemented, while the bloc's largest economy Germany has led the opposition.
Germany has said a cap could make it harder to attract much needed gas supply and reduce the incentive to curb gas consumption when countries need to save fuel and replace Russian deliveries.
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