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Von Der Leyen Proposes Gas Price Cap as EU Energy Fears Rise

  • Commission chief says bloc also needs more demand reduction
  • More than half of EU nations urge limits on soaring gas costs
Ursula von der Leyen

Ursula von der Leyen

Photographer: Milan Jaros/Bloomberg
Updated on

European Commission President Ursula von der Leyen is proposing that the bloc intervene in the gas market to cap the rise in prices that is threatening to push the region into recession.

Bowing to pressure from more than half of the EU’s member states calling for action to rein in soaring energy costs, von der Leyen is suggesting a plan that would include a temporary price limit in relation to the Dutch Title Transfer Facility -- the virtual marketplace whose main index is the benchmark for all gas traded in Europe.