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London
CNN Business
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Europe has agreed to a cap on natural gas prices, following months of debate over whether the measure will protect European households and businesses from extreme price spikes as temperatures plummet.
In a Monday meeting, EU energy ministers agreed to trigger a cap on the price of month-ahead natural gas futures on the Dutch Title Transfer Facility (TTF) — the bloc’s benchmark gas exchange — to €180 ($191) per megawatt hour if it exceeds this level for more than three consecutive working days.
The cap will also apply to three-month and year-ahead gas trades, and it will remain active for at least 20 working days once triggered. It is planned to come into force as of February 15 of next year.
“We have the deal,” Jozef Síkela, deputy prime minister for the Czech Republic, said at a Monday press conference. The Czech Republic currently holds…
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