Energy Crisis

Gas prices in Europe rise as Commission unveils energy intervention plan

EU expected to set a mandatory goal of lowering demand during selected peak hours by 5 per cent

Ursula von der Leyen, president of the European Commission: ‘In these times it is wrong to receive extraordinary record profits benefiting from war and on the back of consumers’. Picture: Getty

Natural gas prices in Europe rose after the European Commission unveiled an energy intervention plan that Ursula von der Leyen said could raise more than €140 billion euros for consumers by capping revenues from low-cost producers.

Benchmark futures rose as much as 6.9 per cent, a day after closing 4.2 per cent higher. Authorities are designing measures designed to rein in an unprecedented energy crisis that has fueled inflation, hurt industry and left nations on ...