EU proposes energy measures, avoids immediate gas price cap

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By Kate Abnett and Gabriela Baczynska

BRUSSELS (Reuters) - The European Commission proposed another set of emergency measures on Tuesday to tackle high energy prices, but steered clear of an immediate cap on gas prices as EU countries remain split over the idea.

The proposals, which need approval from European Union member states, are the bloc's latest effort to address the spike in energy prices and fuel supply crunch that have gripped Europe after Russia cut gas flows since invading Ukraine.

    The measures did not include an immediate gas price cap, which most EU countries say they want. But the Commission asked for EU countries' approval to draft a proposal to set a temporary "maximum dynamic price" on gas trades at the Title Transfer Facility (TTF) Dutch gas hub, which serves as a benchmark price for European gas trading. 

    The Commission said the price limit would need to meet conditions, including that it would not cause Europe's gas demand to increase.

The EU package included other measures to attempt to tame high prices by tweaking energy market rules. Trading venues would be required to impose upper and lower price limits each day on front-month energy derivatives, to limit volatility.

The EU would also task energy regulators with launching an alternative benchmark price for liquefied natural gas (LNG) by March 31, 2023. A separate proposal would launch joint gas buying among EU countries, to attempt to secure fuel to refill depleted gas storage caverns in time for next winter, and negotiate lower prices.

Countries would be required to jointly purchase 15% of the volume needed to hit the EU's target to fill gas storage to 90% by Nov. 1 2023. Countries would be responsible for rallying their local companies to take part in the scheme, which would not buy Russian gas.

The EU package is unlikely to placate all 27 EU countries, whose leaders will discuss the proposals at a summit on Thursday and Friday. Ministers and diplomats will then attempt to fast-track negotiations on the proposals to agree final laws next month.

PRICE CAP DEBATE

Europe's energy crunch has seen wealthy EU states like Germany massively outspend poorer ones on shielding their citizens and businesses from soaring energy prices - prompting Brussels to attempt to overlay countries' national measures with more cohesive bloc-wide plans.

The EU has already agreed targets to fill gas storage and curb electricity demand, but countries have struggled to agree their next move, debating for weeks whether and how to cap EU gas prices without landing on an outcome so far that all believe would benefit their differing national energy markets.

More than 15 EU countries including Italy, Poland, Greece and Belgium, have called for an EU gas price cap, but disagree on its design.

European Council President Charles Michel said EU leaders would discuss a range of energy price cap options at their meeting this week, including those not proposed by the Commission.

"I also expect us to address other short and long-term market interventions, such as an EU framework to cap the price of gas for electricity generation," he said in a summit invitation letter to the leaders.

Spain and Portugal capped the price of gas used in their local power generation this summer, and countries including France want the measure to be rolled out EU-wide.

A senior EU official said Brussels was assessing this idea, but still had questions, including whether the scheme would cause an unwanted increase in gas use.

Other countries, including Germany and the Netherlands, oppose a gas price cap, which they say would leave countries struggling to attract supply from global markets during a winter with scarce Russian fuel.