Europe is deliberating on whether to extend the emergency gas price cap that was implemented earlier this year.
This move is in response to concerns that ongoing conflict in the Middle East and potential sabotage activities targeting pipeline infrastructures might drive up prices during the winter season.
This was reported by the “Financial Times” citing a presentation reviewed by diplomats.
Since the introduction of this cap, there has been “no indication of adverse effects”.
Gas prices have plummeted by approximately 90% from their levels the previous year, according to the document.
High-ranking officials and diplomats from the European Union told the newspaper that despite the drop in energy prices and record-high gas storage levels, these might not be sufficient to offset concerns about the potential impact of conflict or potential sabotage activities on gas infrastructure.
Gas prices in Europe have stabilized, aided by forecasts of milder weather conditions.
The proposal also seeks to extend separate emergency legislations that allowed member states to expedite permissions for wind farms and solar power stations.
The European Commission is also slated to make a recommendation next month regarding which measures should be extended, as per the report.
