A ceiling at the price of gas, but ‘dynamic’. Italy, Poland, Belgium and Greece have prepared a non-paper, a document that does not engage the proponents but circulates ideas useful for the debate, in which they outline the characteristics that the price cap should have. This is not a real ceiling, but a ‘corridor’, a fluctuation band for wholesale (not retail) gas prices, to be applied to all wholesale gas transactions in the EU. not only on that imported from Russia and not only on that used for the production of electricity. It would be a dynamic corridor, as stated by Minister Roberto Cingolani who had anticipated the preparation of bullet points intended to inspire the Commission’s proposal, based on a reference value calculated using external parameters, such as the price of crude oil, coal and / or gas prices in North America and Asia) and which would allow fluctuations, for example of 5%, upwards or downwards, with respect to the central value. Value that would be fixed and regularly reviewed, on the basis of changes in the reference basket. The main purpose of a movable roof conceived in this way is to reduce speculation, discourage it, to mitigate inflationary pressure (the rise in energy prices are the basis of the high inflation of recent months), to manage market expectations and limit the excessive profits that are generated. today made in the sector. The ‘rationale’ of the proposal, which is at times very technical, is to meet the needs of countries that do not intend or cannot afford to pay for gas at any price, such as Italy and many others, on the one hand. to the concerns of Nordic countries, such as the Netherlands and Germany. Berlin and The Hague fear that if the price of gas is set too low in Europe, the ships carrying liquefied natural gas will head to Asia, as Mark Rutte said today. The richer countries fear gas shortages much more than expensive gas. With a price corridor also parameterized on gas prices in Asia, the risk of seeing LNG carriers disappearing towards the East would not exist, because the price on the European markets would remain ‘locked in’ to that on the Asian markets. The non-paper also outlines three scenarios for the functioning of the ‘corridor’: one in which there is no risk of gas shortage, as has been the case in recent months, one of potential shortage of shortage and another of actual shortage. In the second, OTC (over the counter, off-market) transactions above the upper limit of the price fluctuation corridor would also be allowed, which would involve the use of derivative instruments (CFDs, contracts for difference). The corridor would therefore also be flexible, as well as mobile, adaptable to the different circumstances that could occur.