Energy Commissioner Kadri Simson announced at a press conference in Brussels yesterday that the European Commission is proposing to cap the price of natural gas at 275 euros per megawatt hour for next month's TTF contracts.
The cap will be in effect for one year beginning January 1, 2023, according to the EU Energy Commissioner.
"We propose capping the TTF (Title Transfer Facility) gas price to protect our people and businesses from extreme price increases," she explained.
"The mechanism has been meticulously designed to be effective while not jeopardizing our supply security, the functioning of the EU's energy markets, or financial stability," he added.
The proposal must be approved by the governments of the member countries.
