Copyright 2022 The Associated Press. All rights reserved

Belgium blocks European energy agreements

Belgium is refusing to sign any European energy agreements until the European commission has modified its proposal on a price ceiling for gas.  Belgian energy minister Tinne Van der Straeten (Flemish green) announced this position at the start of the meeting of European energy ministers today in Brussels.

Two days ago the commission unveiled a proposal for a gas price ceiling of 275 euros per Megawatt/hour.  “It’s insufficient proposal” said Van der Straeten, who is one of many surprised by the high figure.

Under the commission proposal gas transactions would be blocked when the price rises above 275 euros per Megawatt/hour, while at the same time the spread with the reference price for LNG on the global market rises to 58 euros or more.

It’s a high hurdle.  During the past year when the gas price broke all records the 275-euro threshold was only exceeded on one occasion and only for a week.

European ministers are looking at several energy measures today but Belgium is holding out for a “workable proposal” from the European commission.

Top stories