…The commission said use of the TTF as a basis for the gas price cap was intended as a stop-gap measure while it worked on a new benchmark based on the price of LNG imports….

The European Commission put forward proposals on Tuesday (18 October) to introduce a dynamic price ceiling for gas imported in the EU, but left the details of how this should be done for later, saying it first needs input from member states.

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Croatia and Lithuania want a wholesale gas cap, Slovenia advocates a ceiling on liquefied gas only, while Finland and Slovakia disagree on direct subsidies, the countries said on Tuesday (18 October) as the European Union grapples with an energy crunch.

… LNG prices have soared globally since Russia’s invasion of Ukraine….

In turn, the Commission is to provide standardised and secure means for companies to provide relevant information and should share the information received with the company’s country.

Europe faces an even bleaker energy crisis next winter after this coming winter depletes gas in storage, Saad Al-Kaabi, the Minister of State for Energy Affairs of one of the world’s top LNG exporters, Qatar, has told the Financial Times.

The region has had to find alternative supplies, including LNG, but the arrival of multiple cargoes of the superchilled fuel has exposed Europe’s lack of “regasification” capacity, as plants that convert the seaborne fuel back to gas are operating at maximum limit.

Deep divisions among European Union member states emerged on Tuesday as EU officials gathered to discuss the energy crisis and the bloc’s measures to respond to it.

…It is a challenge, but it is also an opportunity for Britain to develop technology that can be sold elsewhere….