EU Commission proposes gas price cap to curb extreme spikes in energy cost

The European Commission has unveiled plans for a tool to curb extreme spikes in gas prices.

Under the proposals, month-ahead gas transactions on Europe's main gas exchange would be capped at a price of 282 US dollars per kilowatt hour, when prices rise above that level for two weeks without a similar hike in global markets. 

The continent has been embroiled in an energy crisis for months as it seeks to end fossil fuel dependence on Moscow. Gas prices in Europe peaked in August at levels around ten times higher than those recorded in the first half of 2021. 

Rosie Birchard reports from Brussels.

In: The European Commission

Out: RB, Brussels

Duration: 00:48

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