EU Proposes Energy Measures, Avoids Immediate Gas Price Cap

• The European Commission proposed another set of emergency measures on Tuesday to tackle high energy prices but steered clear of an immediate cap on gas prices as EU countries remain split over the idea.
• The proposals, which need approval from European Union member states, are the bloc's latest effort to address the spike in energy prices and fuel supply crunch that have gripped Europe after Russia cut gas flows since invading Ukraine.
• The measures did not include an immediate gas price cap, which most EU countries say they want. But the Commission asked for EU countries' approval to draft a proposal to set a temporary "maximum dynamic price" on gas trades at the Title Transfer Facility (TTF) Dutch gas hub, which serves as a benchmark price for European gas trading.
• The Commission said the price limit would need to meet conditions, including that it would not cause Europe's gas demand to increase.

(Source: Reuters)