The European Commission proposed introducing a gas price cap for one year from Jan.1, 2023, according to draft legislation seen by Reuters that has so far left the actual ceiling level blank.
An EU official said the Commission would propose a price higher than backers of the cap want.
"Otherwise, we'll have a cap on paper that will in practice never kick in," said the diplomat, who spoke under condition of anonymity. The ministers on Thursday will debate the formula of the cap, the exact ceiling level, as well as the size of the gap between the Title Transfer Facility - the Netherlands-based gas exchange that serves as Europe's benchmark for pipeline gas - and global LNG prices.
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