• <a fr-original-style="" href="https://www.ft.com/content/5b2ffae4-04d1-4e09-89ce-b85f575d8422" rel="noopener noreferrer" style="color: rgb(9, 9, 9); text-decoration: none; background-color: transparent; outline: none; cursor: pointer; transition: color 0.3s ease 0s; touch-action: manipulation; user-select: auto; box-sizing: border-box;" target="_blank">EU energy ministers</a> on Monday reached a deal to cap natural gas prices at €180, ending a months-long deadlock over whether to intervene in markets amid a historic energy crisis. The so-called gas market correction mechanism —which will apply for one year from Feb. 15— will only take effect if the price difference with global LNG prices is greater than €35 per MWh and remains above both ceilings for three days.<img src="https://images.aposto.com/2022/11/1/1671477841986.png" style="display: block; float: none; vertical-align: top; margin: 5px auto; text-align: center; width: 100%; max-width: 550px; border-style: none; position: relative; cursor: pointer; padding: 0px 1px; box-sizing: border-box;" ratio="1.54" width="550" alt="LNG price differential" fr-original-style="display: block; float: none; vertical-align: top; margin: 5px auto; text-align: center; width: 100%; max-width: 550px;" fr-original-class="fr-draggable">via Bloomberg<ul fr-original-style="padding-inline-start: 20px;" style="padding-inline-start: 20px; margin-top: 0px; margin-bottom: 1em; list-style-position: inside; box-sizing: border-box;"><li fr-original-style="" style="box-sizing: border-box;">A step back: A group of member states —including Germany, the Netherlands and Denmark— have been more cautious over the idea of a cap, saying it could make it harder to secure supplies; while Belgium, Italy and Poland demanded a more aggressive tool to contain gas prices. Germany supported the final deal, while Austria and the Netherlands abstained, <a fr-original-style="" href="https://www.bloomberg.com/news/articles/2022-12-19/eu-races-for-deal-on-gas-price-cap-before-worst-of-winter-arrives" rel="noopener noreferrer" style="color: rgb(9, 9, 9); text-decoration: none; background-color: transparent; outline: none; cursor: pointer; transition: color 0.3s ease 0s; touch-action: manipulation; user-select: auto; box-sizing: border-box;" target="_blank">according to Bloomberg sources</a>. Hungary voted against the deal.</li></ul>

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