RT.com
24 Nov 2022, 23:44 GMT+10
The country is calling for a long-term solution and says fuel-price cap will have little effect
France risks losing some of its markets and may never get them back due to rocketing gas prices and the detrimental conditions for European production they create, the country's Energy Minister Agnes Pannier-Runacher said on Thursday.
Speaking at an emergency meeting of EU energy ministers, summoned in an effort to decide on how to bring energy prices down, she criticized the European Commission's proposal to cap the price of gas, saying that it would have little effect on skyrocketing prices.
"This [price cap] may be helpful, but it is not a structural reform and is not a response to rising gas prices which the EU production is facing, and which is putting our economy at risk," she said.
The official stressed that current gas prices, which are five-to-ten times higher than two years ago, degrade France's industrial output, and called for a "structural solution" to shield the economy.
The proposed price limit would only rein in the costs in emergency cases while, in the long run, it may disrupt the market, Pannier-Runacher said, urging that measures be implemented to prevent the situation where France risks "losing part of its markets, with all the consequences it will have for producers and jobs in the industry."
The initiative from the European Commission has drawn widespread criticism, with some countries arguing it lacks sufficient safeguards, while others, like Spanish energy minister Teresa Ribera even calling it a "mockery."
The commission has proposed introducing a cap when prices on the TTF exchange, Europe's gas benchmark, reach €275 per megawatt hour (where electricity is produced using gas) and when prices are €58 ($59.53) higher than the LNG reference price for ten consecutive trading days within the two weeks. Both conditions need to be met for the cap to be triggered.
For more stories on economy & finance visit RT's business section
(RT.com)
Get a daily dose of Birmingham News news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Birmingham News.
More InformationSANTA CLARA, California: Executives at Nvidia have quietly been cashing in on the AI frenzy. According to a report by the Financial...
NEW YORK, New York - Global stock indices closed with divergent performances on Tuesday, as investors weighed corporate earnings, central...
TORONTO, Canada: Canadian Prime Minister Mark Carney announced late on June 29 that trade negotiations with the U.S. have recommenced...
Vancouver, Canada: A high-stakes legal showdown is brewing in the world of athleisure. Lululemon, the Canadian brand known for its...
LONDON, U.K.: British oil giant Shell has denied reports that it is in talks to acquire rival oil company BP. The Wall Street Journal...
NEW YORK, New York - U.S. stock markets closed firmly in positive territory to start the week Monday, with the S&P 500 and Dow Jones...
LONDON, U.K.: British oil giant Shell has denied reports that it is in talks to acquire rival oil company BP. The Wall Street Journal...
(New York) - China's government has erased Hong Kong's freedoms since imposing the draconian National Security Law on June 30, 2020,...
Aluminum, copper and nickel shipments have surged this year, according to trade data Beijing has increased purchases of Russian metals...
New Delhi [India], July 1 (ANI): The last two spots for the quarterfinals of the FIFA Club World Cup will be sealed by either Spanish...
Birmingham [UK] July 1 (ANI): Heading into the second test against India at Edgbaston, Birmingham, England skipper Ben Stokes spoke...
The UK government wants a new definition of Islamophobia and has created a working group of politicians, academics and independent...