Skip to content

EU Targets Gas Prices as Energy Crisis Dwarfs Emergency Package

  • Energy ministers set to approve intervention package
  • EU member states poised for wrangle over gas price caps
Gas leaks from a damaged Nord Stream pipeline in the Baltic Sea.
Gas leaks from a damaged Nord Stream pipeline in the Baltic Sea.Source: Swedish Coast Guard

The European Union is about to take its most concrete steps yet to tackle the energy crisis. It’s already becoming clear they won’t be nearly enough. 

EU energy ministers are set to back on Friday a set of emergency measures to cut power use and redirect windfall profits of energy companies to households and businesses. The 27-nation bloc has already agreed on a voluntary target to cut gas consumption by 15% after Russia, its biggest supplier, cut shipments following the invasion of Ukraine. Still, more action is needed to contain the energy crunch that’s fueling inflation and risks recession.