The European Union's executive body told its 27 member countries at a seminar on Monday that it was not possible to create a gas price cap that would not affect long-term contracts or supply security, two diplomatic sources told Reuters.
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The Czech government approved plans for caps on the revenues of power firms on Wednesday, as part of plans to fund measures to ease the burden of soaring prices on households and companies.
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Tuesday saw a decrease in oil prices due to growing worries about fuel consumption as COVID-19 outbreaks escalated in the world's biggest crude importer China. Prices were also affected by uncertainty related to the results of the US midterm elections. As such, the Brent crude price settled 2.6% down at $95.36 a barrel. WTI crude fell by 3.1% to $88.91 a barrel.
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The EU will sign three initial agreements for imports of renewable hydrogen at the Cop 27 UN climate conference in Sharm el-Sheikh, European Commission president Ursula von der Leyen said.
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Construction of the Skulte LNG terminal in Latvia will start in the second quarter of 2023, project member of the board Uldis Salmins told Argus.
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