Italian Foreign Minister: Cap gas prices in Europe need EU legislation
Rome/ Nova Agency
Italian Minister of Foreign Affairs and International Cooperation Luigi Di Maio stressed the need for European legislation on gas prices, Italian news agency Nova reported
“The price of gas in Europe, which is regulated through the Amsterdam Stock Exchange, is out of control,” Di Maio said, stressing that “European legislation and diplomatic action are needed to convince the few who have not yet agreed.”
Di Maio explained that his country “does not suffer from a quantitative problem, as it is able to compensate for the decline in supplies from Russia with three pipelines from Libya, Algeria, and Azerbaijan, and with agreements to transport liquefied natural gas,”
Noting that “the problem is that the price is not negotiated in contracts, but through the gas exchange in Amsterdam, which is today out of control” and that methane prices are a hundred times higher than the Asian and American stock exchanges.
And the foreign minister continued, “Just think that before the spread of epidemic gas, it cost 40 euros per megawatt-hour, today it costs more than 170 euros,”
Noting that there is an “unsustainable” cycle that can only be stopped by “diplomatic action” that “must lead to the victory of Italy,” and this is the campaign led by Di Maio, who asserted that “most countries agree, and few countries need to be convinced.”
