The countries of the European Union have almost completed negotiations on limiting gas prices. This was announced by French Energy Minister Agnes Pannier-Runachet, CNBC reported.

According to the draft agreement, a cap will be imposed if contract prices for the coming month at the Dutch TTF, the main benchmark for natural gas prices in Europe, exceed 188 euros per megawatt-hour for three days.

“Difficult discussions lie ahead, but I am confident in our ability to reach a collective agreement,” said Agnes Pannier-Rounache.

The move is designed to protect consumers from a price spike in 2022, when European natural gas prices hit historic levels of around 350 euros per megawatt-hour.