EU Council Agrees 40% Gas Contracts Threshold

EU Council Agrees 40% Gas Contracts Threshold

EU energy ministers in Brussels reportedly debated a proposed regulation to safeguard the security of the EU’s gas supply – that would replace one from 2010 – and agreed a compromise on: exchange of information on gas contracts, regional co-operation, and solidarity.

Long-term gas contracts providing 40% or more of annual gas consumption in any member state will be notified to the competent authority, they agreed.

The competent authority and the EU Commission will also be able to request relevant information, except on price, concerning other gas contracts even if they do not meet the 40% threshold. But they also agreed that any exchange of information on such contracts should not become over-bureaucratic and that the confidentiality of commercially sensitive information be preserved.

The 40% threshold will primarily affect eastern European countries, where Russian giant Gazprom remains the dominant supplier.

Source: Media

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