EU Ministers May Set Price Cap on Russian Gas, Spain Says

(Bloomberg) — European Union energy ministers this week may decide to set a limit on the price of Russian natural gas, Spanish Environmental Transition Minister Teresa Ribera said.

It’s one option the bloc’s officials are expected to consider when they meet Friday to discuss extraordinary measures to curb surging energy prices. Introducing a Europe-wide price cap “is possible, and I believe we’re going to have significant debate to set an orientation to the European Commission,” said Ribera, who is in charge of Spain’s energy policy.  

Still, while such a price cap is already working in Spain and may be effective in other countries, “it’s difficult it could work everywhere,” she added.

Ribera also said the debate over the feasibility of a new pipeline linking Spain to France, known as MidCat, shouldn’t end, even after French President Emmanuel Macron said it’s not needed. Discussions shouldn’t be halted just because of one country’s stance, she said, adding that “Macron spoke for France’s public opinion.” 

Ribera said Spain’s energy infrastructure, along with the fact that are already contracts in place to secure production, make rationing there a “highly unlikely” scenario.

©2022 Bloomberg L.P.

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