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EU Backs Energy Measures as Germany Yields on Gas Price Cap

  • Germany faced pressure from other nations to explore cap
  • Europe under intense pressure to tackle high energy prices
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The European Union agreed to press ahead with a set of emergency actions to address the bloc’s energy crisis, with Germany yielding to pressure from other member states to pave the way for a temporary price cap on natural gas. European natural gas prices fell after the accord.

“We sent also a clear signal to the market,” European Council President Charles Michel said at a news conference early Friday. “It means that we are ready to act together, that we are able to work together and there’s strong political willingness. I’m confident that there will be an effect very soon.”