EU Ministers Call for Urgent Push to Intervene in Energy Market
- Some energy ministers push for broad price cap on gas
- Bloc calls for incentivizing demand reduction but no mandates
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European Union energy ministers called on the bloc’s executive arm to devise urgent measures to tame the price of gas and get liquidity to traders hit by massive margin calls, as the energy crisis spreads financial distress.
While they all agreed on the need for urgent action, they stopped short of calling for a mandatory reduction in energy demand -- perhaps the most crucial step to ease the crisis. There’s still not much detail and the real fight will start next week when European Commission President Ursula von der Leyen sets out concrete measures for legislation.