The European Commission will create a new benchmark for gas prices for the EU

BRUSSELS, 12 Oct – PRIME. The European Commission (EC) is working to create a new gas price benchmark for the European Union, as most gas contracts in the region are now linked to the TTF benchmark, which does not reflect the realities of the EU energy market, European Commissioner for Energy Kadri Simson said.

She recalled that the European Commission wants to negotiate prices for “blue fuel” with international partners.

“A parallel line of work is to target all the contracts that our companies have. Most of them are related to the TTF benchmark … Our parallel line of work is to create an alternative, more volatility resistant EU benchmark,” Simson said at a press conference in Prague , which was broadcast on the website of the European Commission.

“The TTF gas benchmark is the most important area of ​​work. It no longer reflects the reality of the EU energy market, but man-made inflates prices. We need to develop an alternative benchmark. The European Commission is preparing legislative proposals in this regard,” Simson said.

They are expected to be presented on October 18 as part of the new energy package of the European Commission. As previously reported, these proposals may be considered by EU energy ministers on October 25, and additional ministerial meetings may be convened to make decisions.

European Commissioner Simson expects the new benchmark to be up and running in the EU by next gas storage season.