The suppliers offered information to MPs on how the Luxembourg gas market works and the purchasing strategies they will be using over the next few months. In addition, discussions were held with a view towards making sure that no profit is made at the expense of citizens in the Grand Duchy.
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“What is important is that even now they do not want to take advantage of the situation here to artificially inflate their profits, but they are aware of their responsibility. As a state, we have allocated 350 million in order to to guarantee the price cap until 31 December 2023. This means that almost half of a household’s gas bill will be taken over by the state”, said the president of the tripartite commission, DP MP Gilles Baum.
CSV co-faction chairman Gilles Roth said they had held “interesting conversations” and welcomed the fact that the state’s price cap will not lead to profits.
“We as politicians have the right to know that the purchasing policy for the coming months is also fair and transparent, so that the price cap does not lead to a profit where they have no risk and the taxpayer will not have to bear the estimated amount, which is indeed 350 million euros.”
The discussions helped to shed light on how the situation will likely unfold this winter, but it remains difficult to predict what will happen beyond that, until the winter of 2023/24.
LSAP MP Dan Kersch explained:
“Of course there are a number of factors that are important. Will there be a bad winter this year? Then the risk is that in the summer the gas reserves will be empty and prices will go up again. Or will there be another mild winter? Then we will still have reserves from this year that we can use next winter and the situation will not be as dramatic as other people fear.”
Baum added that MPs had resolved to meet with the energy suppliers on a more regular basis in the future, while prices are so volatile and dependent on factors such as the international markets and the war in Ukraine.
