Germany not blocking EU energy solution but is 'skeptical', minister says | Inquirer Business

Germany not blocking EU energy solution but is ‘skeptical’, minister says

/ 04:03 PM November 24, 2022

BERLIN – Germany is not standing in the way of the European Union’s solution to the energy crisis, Economy Minister Robert Habeck told the Handelsblatt daily on Thursday in response to criticism about his country’s stance towards plans for a gas price cap.

“We’re not blocking anything,” he said in an interview with the daily and three European newspapers.

ADVERTISEMENT

“But I am skeptical when it comes to a fixed price cap in the market, because it would be either too high or too low,” he said.

Member states had already agreed on “a flexible, dynamic and clever cap in times of excessive profits” in Prague, he added.

FEATURED STORIES

On Tuesday, the European Union executive proposed a gas price cap for the bloc at 275 euros ($286.91) per megawatt hour for month-ahead derivatives on the Dutch exchange that serves as Europe’s benchmark.

The idea of such a cap has divided EU countries for months, with a small but powerful camp of member nations, led by Germany, opposed to the intervention.

Diplomats have said the proposed level was unlikely to be popular when energy ministers of the bloc’s 27 members debate it on Thursday.

Read Next
Don't miss out on the latest news and information.

Subscribe to INQUIRER PLUS to get access to The Philippine Daily Inquirer & other 70+ titles, share up to 5 gadgets, listen to the news, download as early as 4am & share articles on social media. Call 896 6000.

TAGS: energy crisis, EU, Germany
For feedback, complaints, or inquiries, contact us.

Subscribe to our business news

By providing an email address. I agree to the Terms of Use and acknowledge that I have read the Privacy Policy.



© Copyright 1997-2022 INQUIRER.net | All Rights Reserved

We use cookies to ensure you get the best experience on our website. By continuing, you are agreeing to our use of cookies. To find out more, please click this link.