Hungary, Country will be exempted from gas price caps

, SEE Energy News

Hungarian Prime Minister Viktor Orban said that an agreement had been reached at the EU summit in Brussels that any future EU gas price cap will not apply to long-term gas supply deals like the 15- year deal that Hungary has with Russia’s Gazprom.

PM Orban said that Hungary got an exemption from the gas price cap so that will not jeopardize its security of gas supply, adding that even if there is a joint gas procurement in Europe it will not be mandatory for Hungary.

Under a 15-year deal signed last year, Hungary receives 3.5 billion cubic meters of gas per year via Bulgaria and Serbia under a long-term deal with Russia and a further 1 billion via pipeline from Austria. In July, Gazprom agreed to deliver additional 700 million cubic meters of gas to Hungary.