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The EU Is Getting Ready for a Prolonged Crisis: Energy Update

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The European Union is set to intervene in energy markets to take the pressure off companies that are being squeezed by a liquidity crunch. It will also propose a clawback on excess profits by power and oil companies as it seeks to protect citizens from soaring costs.

EU officials are set to meet in Brussels on Friday to consider next steps. All eyes are on the calendar as the cold season approaches -- but this winter may be just the beginning of a prolonged crisis, according to some observers.