EU countries agree on gas price cap to contain energy crisis

INA – SOURCES
 
European Union energy ministers on Monday agreed on a gas price cap, after weeks of talks on the emergency measure that has split opinion across the bloc as it seeks to tame the energy crisis.
 
The cap is the 27-country EU's latest attempt to lower gas prices that have pushed citizens' energy bills higher and driven record-high inflation this year.
 
Ministers agreed to trigger a cap if prices exceed 180 euros per megawatt hour for three days on the Dutch Title Transfer Facility (TTF) gas hub's front-month contract, which serves as the European benchmark, EU officials and a document seen by Reuters showed.
 
The cap can be triggered starting from Feb. 15, 2023, the document detailing the final deal showed. The deal will be formally approved by countries in writing, after which it can enter into force.