After long consultations, white smoke came out of the energy ministers in Brussels for a price cap on natural gas at 180 Euros.

According to what was announced by the Czech presidency, the agreement will enter into force from February 15.

EU COUNTRIES AGREE GAS PRICE CAP – CZECH PRESIDENCY

— Bloomberg Feed (@BloombergFeed) December 19, 2022

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The natural gas price cap will be triggered if prices at the Dutch TTF gas hub exceed 180 Euros per megawatt hour for three days, well below the 275 Euros per megawatt hour originally proposed last month by the European Commission.

The Minister of Energy, Kostas Skrekas, told APE-MPE that we are very close to an agreement. He also added that there is a strengthened majority on the price cap and common ground is now being sought for Germany, the Netherlands and other countries to agree. For his part, Hungarian Energy Minister Peter Szijártó said that 9 countries (among them Hungary and Germany) are not in line with the proposed ceiling.