EU emergency gas plan can stabilize or even lower prices - German network chief

The head of Germany's network regulator welcomed the European Union's gas emergency plan, which came into effect on Tuesday, in comments to the ZDF broadcaster.

"If all countries in Europe save gas, this can stabilize the price so to speak, maybe even reduce it, and contribute to making sure that there is enough gas supply for us to make it through the autumn and winter," Bundesnetzagentur President Klaus Mueller said.

The deal asks EU countries to reduce their gas demand, to attempt to fill gas storage, and prepare for a possible full Russian cut-off. It also asks them to voluntarily cut gas use by 15% this winter and could make the cuts binding in a supply emergency, albeit with numerous opt-outs for some countries and industries.

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