EU Energy Ministers May Agree Price Cap on Gas on Monday: Czech Trade Minister

MOSCOW (Sputnik) - Czech Minister of Industry and Trade Jozef Sikela has expressed confidence that, on Monday, the EU energy ministers would agree on the price correction mechanism proposed by the European Commission, which includes a price cap on gas.

"I do not see any reason not to be able to agree today, so there is nothing which will stop us to have an agreement today," Sikela said ahead of the Transport, Telecommunications and Energy Council (Energy) in Brussels.

European Commissioner for Energy Kadri Simon said ahead of the meeting that the council "must agree on the gas market correction mechanism" and that the EU leaders had given the energy ministers "a clear task" to reach an agreement today, adding that the deal was "within reach."

The council will present a progress report on the gas package and a proposal for internal market rules for renewables, natural gas and hydrogen, according to the Council of the EU. The proposal is also set to accelerate the deployment of renewable energy within the bloc, it said.

The statement added that the council would seek a general approach on the proposal for the REPowerEU energy transformation plan "that would amend EU legislation on renewable energy, energy efficiency and energy performance of buildings."

In late November, the European Commission proposed capping gas prices, with the initial plan intended for triggering the cap under two conditions: if the front-month price on the Dutch gas exchange TTF, Europe's main natural gas futures market, exceeds 275 euros ($293) per MWh for two weeks and if, at the same time, TTF prices are 58 euros higher than the liquefied natural gas global reference price for 10 consecutive trading days.

The Council is divided on the Commission's proposal, chiefly regarding whether the level of the price cap is too high.