OPINION: There are three fundamental problems with the government’s Gas Market Emergency Price Order.
in a commodity that, once produced, is undifferentiated and subject to fierce competition in a globally linked market.
Working out what part of the contract price relates to the price of ‘gas’, as opposed to many other elements, is a fraught exercise. Finally, the gas price cap does not regulate all types of sales, meaning that the price cap will punish the parties directly subject to the cap – who are responsible for bringing on new gas supply – while allowing parties elsewhere in the supply chain to capture the full economic value of the commodity.
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