The European Central Bank has raised concerns over an idea to impose a cap on gas prices in Europe.
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The European Central Bank is worried about the potential risks to financial markets from an EU-wide cap on natural gas prices.
The bloc has been in intense discussions for several weeks over how to impose a limit on gas prices. The measure — designed to prevent sky-high costs for consumers — is proving controversial for Europe amid an acute energy crisis following Russia’s invasion of Ukraine.
The European Commission, the executive arm of the EU, suggested in November that the cap should sit at 275 euros ($290.33) per megawatt hour. However, several member states argued this did not go far enough and was unlikely be triggered.
The Dutch TTF, Europe’s main benchmark for natural gas prices, traded around 135.50 euros per megawatt hour Friday.
Discussions on the cap continue among the EU’s 27 member states ahead of a ministerial meeting Tuesday — as the ECB warns the cap could have repercussions for financial markets.
“The ECB acknowledges that mechanisms aimed at moderating extreme price levels and volatility in wholesale gas markets may, in principle, alleviate a number of risks to financial stability, including the risks exposed during periods of elevated and volatile gas prices in 2022,” the central bank said in a document Thursday.
“However, the ECB considers that the current design of the proposed market correction mechanism may, in some circumstances, jeopardise financial stability in the euro area,” it added.
The comments are in line with concerns raised by countries such as Germany and the Netherlands, which have asked for stronger guarantees that the cap is not going to disturb markets.
Supporters of the price cap have argued that the instrument will be monitored regularly and can be stopped if regulators, including the European Central Bank, identify any financial distress.
Some are hoping that a decision on the price cap can be reached at the meeting of EU energy ministers in Brussels, Belgium.
“We hope this will close at the ministers’ level next week. But there are still discussions on the sidelines. We will see,” an official working for the prime minister of an EU country, who did not want to be named due to the sensitivity of the talks, told CNBC Thursday.
Another official working in Brussels, who did not want to be named due to their proximity to the talks, said: “Consensus seems very much out of reach.”
The impasse over the measure highlights how sensitive — and technical — it is.
Indeed, some energy ministers have described the initial proposal to cap prices at 275 euros per megawatt hour as a “joke.”
Many nations, such as Poland, Greece, Spain and Portugal, are keen to implement the price cap. These countries are less able to mitigate the impact of the energy crisis on consumers, and have been pushing for EU-wide solutions as a result.
Kostas Skrekas, Greece’s environment and energy minister, told CNBC’s Julianna Tatelbaum last month that a cap should be below 200 euros per megawatt hour.
“[A] price cap at 275 euro is not a price cap. Nobody can … stand buying gas at this expensive price for a long time. We surely believe that the price cap below 200 euro, between 150 and 200 euro, would be more realistic,” he said.
Two European officials confirmed to CNBC that the current proposal being discussed is a cap of 220 euros per megawatt hour. However, this could change again before ministers meet on Tuesday.
Under the same proposal, the cap would only be triggered when prices are 58 euros higher than the LNG reference price for 10 consecutive trading days, and European gas prices exceeded the price cap for two weeks.
French infrastructure specialists Proviridis have partnered with EVSE manufacturer Kempower to deliver a novel, underground charging solution for electric semi trucks designed to easily integrate into existing truck depots.
By installing its high-powered charging cabinets underground and integrating the charging cables into a solid metal pipe, Kempower and Proviridis have been able to make room for high-powered charging points in an existing truck depot that didn’t have enough space to install either conventional EVSE or overhead “drop lines.”
For the pilot, the metal pipe is painted in a striking yellow color to make it easier to see while maneuvering the lot, and keeping the dispensers themselves more protected than conventional concrete bollards. The 600 kW power cabinet is positioned a few yards away – a typical space-saving Kempower solution – and connected to the charge points by underground cable.
Proviridis believes their solution provides enough of a competitive advantage that fleet buyers looking to electrify will be eager to give it a try.
“The product is durable across a wide spectrum of temperatures and conditions, requires minimal ventilation, and can cater for a wide range of customer needs,” explains Olivier Verdu, Technical Director at Proviridis. “These are features which perfectly place the Kempower solution for this type of charging configuration in a logistics environment.”
In honor of Black Friday and Cyber Monday, eBike specialist Buzz Bicycles is offering an exclusive discount for Electrek readers on its Centris Class 2 Folding Bike.
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Buzz Bicycles is back with an exclusive new deal
Buzz Bicycles has been a mainstay on Electrek for a few years now, as we have covered several of its electric bikes, which suit riders of all skill levels and help them “Buzz through life.” Buzz is an omnichannel eBike brand that prioritizes direct-to-consumerism and has found success in its mission to deliver ultimate transportation solutions at an excellent value for its growing base of eBike enthusiasts.
The company strives to deliver riders a “Wow moment,” which is usually brought on as they feel the pedal assist function kick in. This feature delivers all you need to conquer hills and longer rides while enjoying new adventures with friends.
The Buzz team has utilized decades of industry experience into its portfolio of eBikes, all conceived and designed in Dayton, Ohio. The company, which operates under the United Wheels umbrella alongside brands like Huffy Bicycles, Niner Bikes, and Batch Bicycles, has adopted an ethos that the freedom of riding should be fun and accessible for everyone, no matter what adventure lies ahead.
By leveraging the global presence of its parent company, Buzz Bicycles can make good on its promise to deliver affordable eBikes that are comfortable, powerful, and safe, much like the Centris Folding eBike, which is as versatile and compact as it is fun. The exclusive deal Buzz Bicycles is offering on the Centris makes it even more fun. You can take advantage of it below.
But first, you’ll want to learn about the capabilities of this foldable eBike to truly understand its value, as well as what accessories are available to level up your purchase.
The Buzz Centris is an easy to ride foldable eBike for all
The Buzz Centris is a Class 2 Folding eBike built for comfort and convenience no matter where you take it. At full size, the Centris’ step-through frame offers a low step-over height of just 16 inches, perfect for riders of all sizes, enabling easy transitions from ground to saddle for its riders.
When you’re not riding, the Centris from Buzz Bicycles folds neatly to 34 inches in length and 22 inches in height, making it easy to store at home or to carry in a vehicle on the way to your next ride. Furthermore, the assembled bike only weighs 68 pounds, making it easy to transport.
You can easily navigate tougher terrain on the Centris thanks to the eBike’s 20″ x 4″ knobby tires and front suspension. The bike is powered by a 48V, 500-watt-hour (Wh) battery pack that can propel it to a top speed of 20 mph for an all-electric range of up to 40 miles on a single charge.
Additionally, this folding model from Buzz Bicycles comes equipped with both a front and rear rack, offering versatile cargo-carrying options so you can customize your ride with a variety of Buzz accessories.
Like all Buzz eBikes, the Centris is tested and deemed compliant with the UL2849 standard. This standard covers the entire electric bicycle system, including the motor, battery, controller, and charger, offering the highest safety standards for added peace of mind.
The Centris Class 2 folding bike from Buzz is available in two colors: Gloss White or Matte Black. This $1,199 eBike is currently reduced to $899 – and you can score an additional $200 off with this exclusive promo, but only for a limited time.
With the purchase of any Buzz eBike, including the Centris, you are guaranteed the following:
10-year limited warranty (lightweight aluminum frame protected for full 10 years)
2-year limited warranty (electrical components covered by 2-year warranty for peace of mind)
6-month limited warranty (additional bike components protected by a 6-month warranty)
Are you interested in the Centris from Buzz Bicycles? You’ve come to the right place. Starting today, while supplies last, you can take advantage of an additional $200 off the sale price by using promo code “ELECTREK200.“ That’s a $500 discount in total!
We highly recommend perusing Buzz’s entire lineup of products. They are designed for commuters and casual riders, with technology and features that help you quickly feel comfortable riding. If you are new to the world of E-transportation, Buzz Bicycles is the brand for you.
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With up to 500 km (310 miles) of all-electric range, the new Mercedes eActros 600 electric semi truck was designed for long-haul trucking – and now, it’s officially in production at the company’s Wörth plant in Bavaria.
“The start of series production of our eActros 600 is a further proof of our ambition to transform the industry,” offers Karin Rådström, CEO of Daimler Truck. “With a range of 500 kilometers on a single battery charge, our eActros 600 is addressing the long-haul segment in Europe which is responsible for two-thirds of CO2 emissions from heavy road freight. Our battery-electric long-haul truck will therefore make a real difference.”
In addition to the 600’s additional range, the newest eActros marks another milestone by becoming the first electric Mercedes semi to be manufactured on a single line (the eActros 300/400 and eEconic leave their standard production lines to have their electric drive components installed at Mercedes’ Future Truck Center in Wörth).
“With the start of series production of the eActros 600, we are expanding our Wörth product portfolio with an important vehicle for the future,” says Andreas Bachhofer, Head of the Wörth site and Production at Mercedes-Benz Trucks. “Construction of this first battery-electric truck made in Wörth will be fully integrated into the existing assembly hall, flexibly alongside the manufacturing of combustion-engine trucks. This means that we are ideally positioned for the production of larger quantities. Our production team is well prepared for the successive ramp-up over the coming months.”
The new electric semi truck features a 600+ kWh battery (hence, eActros 600) that sends power to a new, highly efficient electric drive axle developed in-house by Mercedes-Benz, good enough to “be able to travel significantly more than 1,000 kilometers per day. This is made possible by intermediate charging during the legally prescribed driver breaks – even without megawatt-charging.”