Earlier this week, the European Commission issued a statement declaring what it called a “safety price ceiling” for gas prices set at 275 euros, or $283 dollars, per megawatt-hour.
declaring what it called a “safety price ceiling” for gas prices set at 275 euros, or $283 dollars, per megawatt-hour.
“Even a short intervention would have severe, unintended and irreversible consequences in harming market confidence that the value of gas is known and transparent,” said the European Federation of Energy Traders this week, following the news broken by the European Commission, asWhat traders—and exchanges—argue is that the threat of a gas price cap on front-month gas contracts would strain the market and effectively make it less transparent.
According to traders and exchange operators, this is not the case. Per the FT report on the topic, the industry is worried about unexpected and excessively high margin calls on the over-the-counter market, as well as the ability of exchanges to tackle defaults. Meanwhile, the European Central Bank has also warned against moving trades from exchanges to over-the-counter market, which, featuring direct transactions between parties, is a lot more opaque and a lot less regulated than the exchange.
Some European diplomats appear to share these concerns, according to the FT. One unnamed member of the diplomatic body said this week that “Safeguards checks are only applied ex-post [so] how can compliance with the safeguards be ensured when the measure is in place? It is similar to installing airbags after you ran your car into an accident.”
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