“Non-market” price may be valid until June 2023.
The European Union can intervene in the energy market and impose price restrictions for gas if Russia, the EU's largest supplier, blocks the flow. This was reported by Bloomberg with reference to the draft document of the European Commission.
This step will be part of a package of measures to replace the import of Russian gas after the Russian invasion of Ukraine. The document should recommend agreeing on general principles for emergency preparedness and gas shortages in the region.
If the gas situation becomes critical, the introduction of a price cap will be temporary and the market price will to be used for as long as possible, the draft document says. Adoption by the European Commission is expected on May 18, but at that time it may still change.
In addition, the document contains a number of short-term measures to stabilize the market. In particular, governments want to allow regulation of retail prices for natural gas, and commodity traders can develop a mechanism for emergency liquidity support for commodity traders and others.
It is planned that such temporary measures will not last longer than June 2023.
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