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EU considers price cap extension to avert winter gas crisis

22 October 2023 15:11 (UTC +04:00)

The European Union is weighing whether to prolong an emergency gas price cap introduced in February amid fears that the conflict in the Middle East and sabotage of a Baltic pipeline could push up prices again this winter, APA reports citing the Financial Times.

The European Commission said there was "no indication of negative effects" since the measure had entered into force and that natural gas prices were now almost 90% lower than last year, the report said, citing a presentation to EU diplomats.

It should be noted that the European Union has set a gas price limit of 180 dollars per 1 megawatt hour and 1850 euros per 1 thousand cubic meters from February 15 this year. If the gas price for 1 megawatt-hour exceeds $180 for 3 consecutive days, the $180 limit is applied