EU energy ministers agree on gas price cap

By Beyza Binnur Donmez

ISTANBUL (AA) - EU energy ministers on Monday agreed on a gas price cap of €180 ($190) per megawatt-hour (MWh), the bloc’s Czech presidency announced.

The good news was announced by Dmitrij Cernikov, the spokesperson of the Czech Presidency of the Council of the EU, when he tweeted, simply: "DEAL."

The cap is €95 lower than last week's failed proposal of €275 per MWh, which 12 member states had disagreed with.

The European Commission proposed implementing a correction mechanism for gas prices in the markets last month to avoid the kind of dramatic price spikes seen this summer.

Italian Energy Minister Gilberto Pichetto described the agreement as a "victory of the Italian and European citizens" who are seeking energy security.