Cefic the industrial chemical federation, together with other industrial association, has sent a letter to the president of the European Commission Ursula von der Leyen asking for a UE urgent action  on gas and energy prices. A similar message has been sent to Mr. Jozef Síkela the check Minister of Industry and Commerce. In the document, the associations underline that the record price of gas reached two weeks ago on a spot market, equal to 334/eur/MWh is 15 times higher than the pre-crisis level and 10 times higher than the price paied by the United States, but it is higher than the current Asian prices. “Seen the concentration of the market on the offer side, the volatility and the extreme level of gas price in Europe, it is necessary to ask ourselves if the gas market is functioning properly – says the signer of the Message – this situation will result in serious consequences also for the electric market”. “The last weeks have seen a huge increase in the number of industrial seats shutting down or reduce the production in Europe and in the next two weeks the situation will worsen – follows up the letter – These huge capacity reduction will increase the dependence of the Europe in the third market for the strategic supply chain and will increase the global carbon emission”

Source: https://www.polimerica.it/articolo.asp?id=28425