EU to put the brakes on energy prices

The situation on the European gas and electricity market has worsened dramatically. Prices are exploding as a consequence of Russia’s war against Ukraine and the stability of the power supply could be threatened in the coming winter.

For these reasons, European Union energy ministers are meeting on Friday for what the official invitation calls “exchanges of views.”

Formal decisions haven’t been promised but time is of the essence. The European Commission wants a mandate to prepare interventions in the bloc’s electricity and gas markets, with President Ursula von der Leyen announcing this Wednesday that she wants to present a first draft of a regulation containing drastic measures by early next week.