WATCH LIVE: State Department spokesperson Ned Price holds news briefing
PBS NewsHourMAY 2023
Given that gas markets are global and don't fit neatly into individual countries or blocs, this price cap is unlikely to have a positive impact on the energy crisis. While exchanges other than the TTF engage in competition as demand soars over the winter, Europeans will be left in the dark, most likely figuratively and literally.
While some have understandably voiced concerns over how this cap may impact the market, the agreed-upon proposal already includes multiple safeguards, including suspending the cap if the EU faces a gas shortage. The cap is also only a year in length and will also undergo another review by regulators to ensure its benefits outweigh its risks.