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EU Leaders Brush Off Calls for Quick Fix to Surging Power Prices

  • Macron expects prolonged period of high gas, power prices
  • Draghi calls for stregthened rules on natural gas reserves
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WATCH: Europe could run out of natural gas and see prices surge from already unprecedented levels if the winter proves “really cold,” according to Citigroup.

Source: Bloomberg

Updated on

Several European Union leaders warned against hasty intervention to address the surge in energy prices, as pleas for immediate action from some of the bloc’s poorer countries went unheeded.

Record power and gas prices were the first topic for EU leaders in their two-day summit that started on Thursday in Brussels, but the bloc’s ability to act is extremely limited. While most countries have already cut taxes or approved subsidies to help households and companies, some want new measures on emissions, power and gas or even to scale down climate reforms.