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After weeks of negotiations, the EU approves a cap on gas prices
Why German Economy Minister Robert Habeck is so afraid about the new price cap?
However, Germany was not the only country to put up a fight. Market disruption, fuel volatility, and unintended consequences were concerns shared by The Hague, Vienna, and Copenhagen. They were worried that if gas prices were lowered artificially, it would lead to more consumption from companies and consumers and a reduction in exports from suppliers, threatening EU supply security.
German Economy Minister Robert Habeck remarked upon his arrival in Brussels on Monday, "We have to be extremely careful that the remedy is not worse than the illness."
After weeks of negotiations, the EU approves a cap on gas prices
The 27 member states reached a compromise on Monday, on a complex mechanism that would prohibit transactions in Europe above €180 per megawatt hour.
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