ROME, Nov 28 (PRIME) -- Italy will not vote for a European Commission's proposal to introduce a price limit on gas without amendments, Environment and Energy Security Minister Gilberto Pichetto Fratin told newspaper La Verita on Monday.
"The Italian proposal is not in setting a numerical ceiling, but rather in setting the criteria for intervention in case of excessive gas price fluctuations at the European level,” the minister said.
“The ceiling must be an anti-speculative rather than an anti-market mechanism."
The European Commission suggested last week setting the upper limit of the price of monthly gas futures under the TTF index at 275 euros per megawatt-hour (MWh). The price correction mechanism will be launched if the futures prices exceed the level for two weeks and if the spread between the TTF and the global liquefied natural gas price reaches or exceeds 58 euros for 10 trading days.
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