iPhone | iPad
Android
Huawei
Maintaining brand integrity and gaining customer trust has become more critical than ever in the Emirates, especially post-pandemic
KT APPDOWNLOAD
EU countries agree gas price cap after weeks of talks
Energy ministers agree that the cap on gas prices would be triggered when benchmark gas prices spike to 180 euros per megawatt hour
A gas meter is pictured in a cellar of a home in Bad Honnef near Bonn, Germany. — Reuters
European Union nations' energy ministers have agreed a gas price cap, a spokesperson for the Czech Republic said on Twitter on Monday.
The deal follows weeks of talks on the emergency measure that has split opinion across the bloc as it seeks to tame the energy crisis.
The Czech Republic holds the EU's rotating presidency and chaired the negotiations.
According to officials and a document seen by Reuters, European Union countries' energy ministers agreed that the cap on gas prices would be triggered when benchmark gas prices spike to 180 euros per megawatt hour.
The EU gas price cap would kick in if prices on the front-month Dutch Title Transfer Facility gas hub contract exceed 180 eur/MWh for three days, the document detailing EU ministers' agreement showed.
The cap can be triggered from February 15 onwards, and will not apply to over the counter trades initially, the document said.
Three EU officials said that Germany — which had been sceptical about the price cap — had voted to support a European Union deal on a gas price cap on Monday, despite having raised concerns about the policy's impact on Europe's ability to attract gas supplies in price-competitive global markets.
Germany and other countries sceptical of the cap had sought more safeguards to ensure that it would be suspended if the policy has negative consequences.
More news from Business
Is cross-laminated wood a low carbon alternative to steel and concrete?
Industry looking to scrub digital currencies’ stigma and regain public’s trust
Russia's output cut plan is a unilateral move, delegate says
Indian firms look to leverage UAE’s start-up eco system
Its rapid growth has more to do with its high savings and investment rates, first-rate education system, and intelligent policymaking
Pharma major reports revenue of Dh1.616 billion in 2022, a 41.4% growth year on year
The chamber recently launched 29 new business groups