From the European Council to the G7, looking for the right side. Mario Draghi’s game to put a ceiling on the price of gas and defuse Moscow’s energy blackmail continues unabated. If in Brussels he would have wanted to achieve more, with the convening of an extraordinary council in July that will not take place, he took a step forward in Elmau, overcoming the resistance on the eve of the American president Joe Biden, much more interested in oil. The result, for now entirely political, is the recognition of the price cap as a tool capable of achieving two closely linked objectives: to protect European companies and consumers and to reduce Russia’s earnings, which continue to be consistent thanks to gas. The final communiqué of the summit is like all documents of this type stingy of details. But it is significant that it recognizes the decision of the EU member countries of the G7 to identify the most suitable ways to implement a generic gas price cap. The G7 “welcomes the decision of the European Union to explore with international partners ways to contain rising energy prices, including the feasibility of introducing temporary price caps, where appropriate”. While “we gradually reduce the flow of Russian oil to our markets – continue the leaders – we will try to develop solutions that allow us to achieve our goal of reducing Russia’s revenues from hydrocarbons, supporting stability in global energy markets, minimizing the at the same time, the negative economic impacts, especially in low- and middle-income countries “. There is a commitment, in essence, but there is still a long way to go. It will be necessary to decide how to do it technically, with what tools and above all with what times. In Draghi’s strategy, supported by logical evidence, it is essential to introduce the gas price cap before the start of next Winter. At this point, the natural deadline looks like October. In Draghi’s plans, the medium-term objective remains independence from Moscow. “If Russia decides to suddenly cut all supplies there must be contingency plans, but stocks are increasing in a positive way, we have reached a good level of stocks and therefore we plan to complete the stocks,” he said, adding. : “We will be able to manage this transition when we are completely independent from Russian gas.” In numbers, meanwhile, are comforting. Gas injections in Italian storage are continuing at a rapid pace: today the forecast is around 84 million cubic meters. The Snam effect continues to be noted, charged last week by Mite to contribute to filling in June, to supplement the operators’ commitments. In five days, the company contributed around 260 million cubic meters. According to GIE data, the filling level of Italian storage exceeded 57%, reaching 57.22%.
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