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Brussels, 13.10. (RHC) Five European Union -EU- countries this Thursday submitted a request to the European Commission to examine options to limit the value of natural gas and to present solutions to rising energy costs.
The energy ministers of Greece, Italy, Belgium, the Netherlands and Poland proposed to change the gas price in the Dutch Title Transfer Mechanism (TTF) contracts through a legislative measure or an ordinance of the geopolitical bloc.
In their letter to the EU executive, ministers reiterated that a new cost index was needed as the main reference of the TTF is the delivery of the hydrocarbon through gas pipeline systems.
Ministers stressed that this reference is no longer representative of a market that now includes more liquefied natural gas.
Similarly, officials called on the EU to examine a cap on wholesale gas prices and provide an independent mechanism to adjust supply and demand when that cap is breached due to over-the-counter transactions and bidding.
The European Union will present proposals next week to start buying gas together over a period of months, thus developing an alternative reference for the cost of this hydrocarbon. (font: Latin Press).