EU-Med countries seek more flexible gas price cap mechanism

By IAIN SULLIVAN
Associated Press

MADRID (AP) — Leaders and representatives of nine Mediterranean and Southern European countries have called on the European Union to come up with a more flexible gas price cap mechanism than the recently proposed one of 220 euros per megawatt hour. The call made at a EU-Med9 summit in Spain on Friday further highlighted divisions within the EU over the proposed cap. The EU initially proposed a cap of 275 euros. Spanish Prime Minister Pedro Sánchez said the EU-Med leaders agreed that the EU Commission proposal needed to be adjusted when energy ministers meet next week in Brussels. The energy crisis triggered by Russia’s invasion of Ukraine dominated the summit. The leaders reiterated the need for the EU to achieve energy sovereignty.