Hungary is exempt from capping the price of gas
The hungarian government assured this Friday that he has achieved be exempt of the application of some of the measures proposed by the European Commission to reduce the price of gas, such as the price cap, and which he considers would have endangered the supply of that fuel. “We have successfully avoided this danger. We are not alone and we were able to achieve a fair agreement,” the ultra-nationalist assured on Facebook.
Orbán affirmed that his country has been exempt from participating in the application of a possible cap on the price and also the obligation to participate in joint gas purchases. And, considered as the only community leader allied with the Russian presidentVladimir Putin also added that it was “a long battle” and that the interests of the country have been defended.
European leaders agreed last morning to ask the European Commission (EC) to develop his idea of a “temporary dynamic cap” on natural gas in “excessive price episodes.” They also called for progress to be made in the design of a mechanism to “limit the price of gas in electricity generation”including its possible costs and benefits.
The agreed conclusions also include a system of joint gas purchasesbut it will be voluntary. It will only be mandatory that, for 15% of the gas reserves (around 3.5% of the total consumption of the EU), the companies have to present a joint purchase proposal. At the summit, which continues today, they have outlined two posturesone more interventionistwith Spain, France, Belgium and Greece in the lead, and another very reluctant block to measures that could alter the markets and compromise the supply of gas, with Germany, the Netherlands, Hungary, the Nordic countries and the Baltic countries.
Hungary has long-term contracts signed with the Russian gas company Gazprom that transports gas to the country through the Trurkish Stream gas pipeline, which according to the Magyar Government continues to receive it without problems. The Central European country imports from Russia 65% of the gas and 85% of the oil it uses.
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