After a long period of discussions, the EU Commission came up with a revised price cap at 180 euro per MWh.
Last week, the European Union saw a cap on natural gas prices come into effect.
That spike in prices, which occurred in the summer after the Nord Stream pipeline—the biggest conduit of Russian gas to Europe—was blown out of commission saw businesses shut down and people gather to protest shy-high electricity bills. And the EU really doesn't want this to happen again. Because of the level of this original price cap, the length of time it had to be in place in order to trigger the cap mechanism, and the LNG-related requirement, that first idea ended up being rejected on the grounds that it is effectively pointless.
"If agreed, the market correction mechanism will be imposed on customers and the market infrastructure with no time for resilient testing and thorough risk management," ICE told Reuters in December.
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