EU’s von der Leyen to press EU leaders on gasoline worth cap By Reuters

© Reuters. FILE PHOTO: European Fee President Ursula von der Leyen speaks in the course of the Athens Democracy Discussion board, on the Attalos arcade on the Roman Agora archaeological web site in Athens, Greece, September 29, 2022. REUTERS/Louiza Vradi

BRUSSELS (Reuters) -European Fee President Ursula von der Leyen will impress upon EU leaders assembly this week the necessity for a gasoline worth cap and to make sure any monetary assist measures enable honest competitors.

EU governments have debated a gasoline worth cap for weeks, with out reaching settlement. Whereas a majority of EU members assist some type of cap, Germany, Denmark and the Netherlands are opposed, citing considerations over safety of provide.

In a speech to the European Parliament in Strasbourg, the EU govt chief mentioned she would lay out a roadmap in a letter to the leaders who will collect in Prague from Thursday.

Von der Leyen mentioned the European Union had to make sure particular person members didn’t outbid one another for gasoline on world markets and drive costs up.

She additionally mentioned the EU wanted to step up its negotiations with trusted companions and look into joint procurement, starting with gasoline used to generate electrical energy.

For gasoline generally, von der Leyen proposed a brief answer within the type of a cap till a brand new EU worth index was in place. The primary TTF worth benchmark was guided by pipeline provide and now not consultant of a market that features extra liquefied , she mentioned.

“It’s a non permanent answer till a brand new EU worth index making certain a greater functioning of the market is developed. The Fee has kick-started work on this,” she informed lawmakers.

Von der Leyen mentioned the power disaster required distinctive measures, however it was paramount that the EU protect a stage taking part in subject.

The Fee has mentioned it’s in talks with Germany about its 200 billion euro ($198.8 billion) assist bundle that critics say threatens to distort competitors within the bloc.

Von der Leyen mentioned it ought to increase its REPowerEu plan to scale back dependence on Russian oil with additional funds.

($1 = 1.0058 euros)

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