EU Leaders Consider How To Cap Gas Prices

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EUROPE – The war in Ukraine has European leaders scratching their heads trying to figure out how to soften the blow of rising energy costs.

Several ideas are on the table at an E.U. Summit in Prague. One measure is a cap on gas prices. But there are concerns a cap would affect the security of Europe’s gas supply.

Already there is agreement on levies on unexpected large profits in the form of a windfall tax on fossil fuel companies.

As well as a mandatory 5 percent cut on peak electricity consumption. EU Commission President Ursula Vonderleyen said this.

“One thing that is very clear, there’s a broad support that next spring, at the end of the winter, when our storages will be depleted, it is of paramount importance that we have a joint procurement of gas so that we avoid to outbid each other, but that we have a collective bargaining power and that we put that in place.”