Energy Industry Groups Slam Idea of EU Gas Price Controls
- EU floated price cap as part of potential gas-crisis toolbox
- Commission to unveil plan to lower energy costs on Feb. 26
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Europe’s biggest energy producers and traders warned the European Commission against introducing a gas price cap as a tool during times of crisis, after some officials raised the idea in recent months.
The idea of a cap is opposed by most member states, according to people familiar with the matter, but the industry raised concerns as the European Union’s executive arm discusses a plan to be unveiled on Feb. 26 to boost industrial competitiveness and ensure affordable energy. Gas prices have more than doubled in the past 12 months and soared to a two-year high earlier this week amid concerns about depleting storage.