EU Edges Toward Temporary Fix to Gas Setting Power Prices
- Commission to present fresh package of measures Oct. 18
- Decision on gas cap in electricity may come in next days
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The European Union is moving closer to proposing a temporary overhaul of the electricity market by limiting prices of gas used for power generation even as pressure mounts for the bloc to impose a broader cap.
The European Commission, the bloc’s executive branch, will weigh over the coming days whether to put forward legislation next week that would temporarily cap the price of gas used for electricity generation, according to its energy commissioner Kadri Simson. Tougher binding gas demand reductions may also be needed, she said.