EU Sets Gas-Price Cap at €180 in Effort to Stem Crisis
- Backstop plan ends months of political divide on price limit
- Energy costs remain historically high as Russia curbs supply
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European nations reached a deal to cap natural gas prices at €180, ending months of political wrangling over whether to intervene in an energy crisis that has risked pushing the region into a recession.
The so-called gas market correction mechanism — a temporary measure designed to prevent extreme price swings — will apply for one year from Feb. 15.