A dynamic price cap, to be applied in a scenario in which there is no lack of supplies and there is an exchange of demand and supply of gas. This is one of the key points of the ‘non paper’ – unofficial document – signed by Italy, Poland, Greece and Belgium, which ANSA has read. Based on the ‘dynamic corridor: it is possible to establish a core value for this corridor and revise it regularly taking into account external benchmarks (e.g. crude oil prices) and allowing for fluctuations (e.g. 5%) around the core value at ‘interior of the corridor’, reads the proposal.
The ‘non paper’, as far as we know, has been circulated in these hours in the European institutions, has been sent to the Commission and will be among the proposals subject to debate among the member countries. The document envisages that the application of this “dynamic corridor” to the price of gas has a “central value that would represent a maximum limit that can be placed on a reference hub (such as Ttf) or can be placed on several hubs (Peg, Psv, Zee, to avoid arbitrage), or rather it can cover all transactions (both on the stock exchange and OTC) ». Furthermore, the non-paper reads, “fluctuations around the central value would be possible to provide price signals for the movement of gas through the Member States, in the event that more hubs reach the maximum”.