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EU Plans to Intervene in Energy Market as Winter Crisis Looms

  • Electricity prices in Europe soared almost 10-fold in one year
  • EU’s von der Leyen says steps coming without offering details
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Germany Seeks to Overhaul European Power Market
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The European Union is preparing to step into its energy market, intervening in the short term to dampen soaring power costs as the continent braces for the economic hit of energy shortages this winter.

The bloc wants to limit prices in the short-term and then in the longer term sever the link between gas and electricity costs, according to Commission President Ursula von der Leyen. While she didn’t give details, the direction of travel underscores the sense of panic in European capitals.